After Breaching $10k, The Probability of Bitcoin Hitting $1 Million Has Risen Dramatically said Raoul Pal, the founder and CEO of Global Macro Investor. The move above $10k placed BTC in a “perfect wedge” structure which suggests that a bigger move is currently brewing.
Bitcoin reached the $10k mark on Thursday, for the first time since February as the crypto community prepares for the quadrennial halving that is approximately three days away (May 11, 2020). The move also came shortly after reports that legendary macro investor Paul Tudor Jones was loading up on bitcoin to hedge against the “great monetary inflation”.
Raoul Pal shared some charts via Twitter which show that the probability that bitcoin will hit stratospheric prices has “risen dramatically” after forming a “perfect wedge”. Pal noted that if you rely on classic charting techniques, a $40,000 price tag is very possible.
But if you use a log chart, a $1 million price target is well within the realm of possibility. Alternatively, the perfect regression channel yields a “1 standard deviation move to $400,000 and a 2 standard potential to $1m (potential),” Pal added.
When The Next Mega Bullrun ?
According to Pal, bitcoin has one of the best setups he has ever seen in terms of technicals, fundamentals, fund inflows, and plumbing. He observed that in the wake of the coronavirus crisis, central banks around the world are either experiencing the collapse of their fiat currency or have embarked on a money-printing orgy.