Bitcoin is currently in a retracement, but multiple analysts and experts remain bullish, citing accumulation trends.
After surpassing $66,000 just a week ago, Bitcoin has experienced a sharp decline, briefly slipping below $60,000 on October 2. Despite this, market experts remain hopeful that the broader upward trend will prevail.
Raoul Pal’s Bullish Sentiment
One notable proponent of Bitcoin’s continued growth is Raoul Pal, the Founder and CEO of Global Macro Investor and Real Vision. Pal recently expressed support for a bullish analysis shared by MartyParty on X, which predicts Bitcoin reaching new heights despite the recent downturn.
This feels right to me
— Raoul Pal (@RaoulGMI) October 2, 2024
Pal, known for his long-term optimistic outlook on Bitcoin, agreed that the leading cryptocurrency is poised for another surge, especially as the U.S. elections approach in November.
This perspective aligns with MartyParty’s technical analysis, which uses Wyckoff’s Accumulation model to suggest that Bitcoin is in the midst of a long-term accumulation phase. Following MartyParty’s observation, Pal says it feels right to him.
Bitcoin Per Wyckoff Accumulation Phases
For context, according to Wyckoff’s Accumulation model shared by MartyParty, Bitcoin has been following a predictable path, with several distinct phases that hint at a potential breakout.
The current phase, known as Phase D, shows the last point of support before an upward move, with prices fluctuating between $56,700 and $66,500. This phase has coincided with the recent geopolitical issues in the Middle East, causing a retracement which Bitcoin is yet to recover from.
However, this phase sets the stage for the eventual breakout, which the analyst predicts could push Bitcoin past $73,777. MartyParty projects the U.S. elections in November as a potential catalyst in Bitcoin’s price movement to this level. Past this level, the analyst sees Bitcoin surging to levels over $80,000.
BTC Linked to Global Liquidity Trends
Beyond technical analysis, Raoul Pal has consistently linked Bitcoin’s price movements to global liquidity trends. Pal’s previous prediction suggests that rising global liquidity could push Bitcoin’s price toward $90,000 by November.
He emphasized that Bitcoin’s growth remains closely tied to the expansion of the global money supply, particularly M2. This correlation has been observed historically and continues to drive optimistic forecasts for the Bitcoin’s future performance.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
