Macro Guru Raoul Pal ‘Really Bullish’ on Ethereum, Says Unexpected V-Shaped Melt up May Be Imminent
Real Vision CEO Raoul Pal says he is bullish on the leading smart contract platform Ethereum (ETH) after a month-long market correction.
The former Goldman Sachs executive says in a new strategy session that ETH could be setting the stage for a major run to the upside.
“I’m really bullish. I look at the chart. The chart looks great. It feels like we’ve just had this nice kind of month-long correction. I am looking at the ETH [chart], but you can use any of the charts. I don’t know what it is, but there’s one thing that’s just going to trigger this. I then went back and looked at all the other previous pick-ups from the low and then versus stuff like Amazon back in 2003-04. I look at all of this stuff and normally it always goes higher and faster than people expect. And then corrects.”
Pal sets price targets of between $2,000 to $3,000 for an Ethereum run to the upside. However, he says the price of ETH could go even higher since Ethereum is burned when used in transitions, making it more scarce.
“It could be anywhere between $2,000 and $3,000. Let’s call it that. It could be even higher. I don’t know. Because there are a lot of mechanics in ETH which is very lopsided because of the burn. The more people come into the network, the less ETH is around. I think it might become a problem for ETH, but it’s going to give it a lot of upside volatility.”
Pal says Ehtereum may go on an unexpected V-shape recovery.
“There is a risk of a V-shape up. That’s the risk I think is underpriced.”
Ethereum is worth $1,673 at time of writing.
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