Post Bitcoin Halving: Crypto Price Prediction – To Buy, Hold, or Sell?
Renowned global macro investor Raoul Pal has shared his insights on the future of the cryptocurrency market, particularly focusing on 2024. He compared the rapid adoption of cryptocurrencies to the early days of the internet, but at a much faster pace.
Analysts predict that there could be a billion active cryptocurrency wallets in the near future, with this number skyrocketing to four billion by 2030.
Pal highlighted Bitcoin’s rapid growth and drew parallels to the bullish trends seen in 2016-2017. He also discussed the upcoming Bitcoin Halving event, which he believes could push prices even higher. Historical data supports this idea, showing that after previous halving events, Bitcoin’s value surged significantly.
However, Pal suggests that the true significance of the halving event lies in signaling the start of what he calls “crypto summer” rather than being a game-changer in itself.
Looking ahead, Pal envisions Bitcoin reaching as high as $200,000 by the end of the current cycle. He even entertains the possibility of a full-blown bubble cycle, which could drive Bitcoin’s price even higher, potentially surpassing $400,000.
When it comes to altcoins, Pal is clear about his 2024 crypto predictions, including altcoin season, when alternative cryptocurrencies rally. He explains that when Bitcoin hits new highs, investors look for bigger returns in altcoins. However, he advises against overexposure to cryptocurrencies.
For sensible investing, Pal recommends putting 90% of your portfolio into basic assets like Bitcoin, Ethereum, and Solana, while allocating the remaining 10% to higher-risk cryptocurrencies.
Pal is particularly bullish on Solana, which he started favoring over Ethereum last year. He sees Solana as a rising star in the crypto world, comparing it to a superhero poised for greatness. He also mentions Fire Dancer, a fast validator for Solana that could revolutionize trading. However, he urges caution and advises against rushing into risky investments, emphasizing the importance of keeping your tokens safe.