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Legendary Trader Raoul Pal has set a $250,000 price target for Bitcoin (BTC) and an equally massive projection for Ethereum (ETH) and Solana (SOL).
Raoul Pal, the founder of Real Vision, a financial investment firm, hosted SkyBridge Capital Founder Anthony Scaramucci on his show ‘The Journey Man’, discussing the latest crypto ecosystem trends. Known as one of the biggest advocates of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), Raoul Pal sets a massive target of $250,000 for the top coin as this cycle’s high.
This projection is resounding, considering that Bitcoin just broke a new All-Time High (ATH) above $71,000.
Bullish Takes on Ethereum and Solana
Raoul Pal shared his take on Ethereum, noting that the pioneering smart contract platform might see its native asset jump from $17,000 to $20,000. While Ethereum has soared above $4,000, the digital currency has not broken its ATH like Bitcoin has a couple of times.
The expectation for this massive valuation is hinged on factors including the strong correlation with Bitcoin, the anticipation of spot Ethereum ETF approval, and the forthcoming Dencun Upgrade this week.
Raoul Pal also gave Solana a bullish price target of $700 to $1,000. Historically, Pal has always been fascinated by the technology Solana boasts of, as he is optimistic that its performance over time will stir a significant demand for SOL, contributing to the valuation jump. At its peak, Solana traded at an ATH of $260.06, implying it still has enough room to grow.
Price Predictions from @RaoulGMI https://t.co/OpHx59LArg pic.twitter.com/OUEVKwDBYR
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) March 10, 2024
Estimates Are Conservative
According to Raoul Pal, the price of Bitcoin may soar beyond the projection of a $250,000 cycle top based on the dynamics of the spot BTC ETF market. There is a strong accumulation of Bitcoin from exchanges as the ETF issuers fight for the limited supply around.
The forthcoming Bitcoin halving event will also add another dynamic to this supply and demand imbalance as the rate of BTC production will drop by 50% from 6.25 BTC per block to 3.125 BTC. Notably, Bitcoin is in an active price discovery phase, and where the current rally will end remains speculative.