Former Goldman Sachs executive Raoul Pal believes that a period of sustained uptrend is coming for Bitcoin (BTC) and the rest of the crypto market.
In a new interview with crypto trader Scott Melker, the macro guru points out that historically, risk assets like Bitcoin and crypto tend to witness rallies during Q4 of a presidential election year.
“Look, the backend quarter of an election year is true banana zone for all assets. It always is. So you know that you’ve got a very, very, very high probability that by autumn things are utterly ripping.
I mean, how long before ETH, Bitcoin [and] SOL break their recent highs? It could be two weeks. It could be two months. It doesn’t really matter, but then it accelerates.”
Earlier this year, Pal said that politicians tend to “hand out candy” in the form of stimulus packages during elections, which leads to higher inflation and in turn, higher prices for digital assets.
At time of writing, Bitcoin is worth $64,500.
Looking closer at Solana (SOL), Pal shares a chart indicating that the altcoin appears to be respecting its diagonal support while trading in a triangle structure.
“If you wanted a cheeky top-up of your SOL position, this would likely be a good entry zone… let’s see! The bananas are slowly ripening…but should be magnificent in the autumn.”
A triangle structure is often seen as a continuation pattern that tends to resolve in the direction of the prevailing trend. Based on Pal’s chart, he appears to suggest that SOL remains in an uptrend.
At time of writing, Solana is worth $134.72.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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