The CEO & co-founder of Real Vision Group and Global Macro Investor, Raoul Pal, has repeated bullish comments on Bitcoin and has predicted that the king coin would reach $1,000,000. Pal stated his price target on Bitcoin during an interview with former Goldman Sachs executive Dr. Julian Hosp.
According to Pal, the ongoing Bitcoin bull run is similar to the 2013 cycle but has pulled in more gains compared to the 2017 cycle.
The CEO stated:
“For it to get to kind of one standard deviation overbought it’s about $400,000. But if it gets to two standard deviations where it got to the last two times, it’s $1,000,000.”
Speaking further, Pal said that investors’ expectations of BTC at $288,000, due to PlanB’s stock-to-flow model, are rather low.
Although Pal has a $1,000,000 price target on Bitcoin, the CEO said he “will probably take some [profits] off the table” if Bitcoin climbs $250,000.
Speaking further on BTC at $250,000 range, he said:
“It’s difficult to know what to do. You can just hold it. It depends on your age and what you want to do with the money. You either want to keep it in Bitcoin because you want to participate in the next cycle so you think of it as just a savings vehicle….”
At the time of writing, Bitcoin is down $0.01% to $60,086.29.
Image Credits: Pixabay
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