Raoul Pal Endorses Bold Bitcoin Price Prediction: ‘This Feels Right to Me’ – Is a Massive Rally Ahead?

Raoul Pal is a former executive at Goldman Sachs who recently became a hero in the world of cryptocurrency by throwing his weight behind probably the most ambitious new Bitcoin price prediction yet.

The prediction is based on the Wyckoff Accumulation Method, which was pioneered by one of the most acclaimed technologists who had ever ventured into technical analysiscumtrading strategy; Richard D. Wyckoff.

The Wyckoff method tracks the cycles that play out in a market, along with the behaviors of institutions in buying, which is widely known to be respected in trading circles.

Understanding the Wyckoff Accumulation Method

The Wyckoff Accumulation Method refers to the study of market cycles, and the most pivotal component of these cycles is the accumulation phase. In this accumulation phase, institutional investors, or simply put, big whales, begin buying assets, which are trading at relatively low levels, on the premise that they are accumulating a position for future gains. Many key components are typically seen when there is an accumulation phase at play:

 Increased volume is seen in the trading taking place during this phase since institutions are now purchasing.

 Bullish price action, higher lows and higher highs.

 Tests to test the selling pressure and confirmation that the market is stable.

All these together are telling us that the market is absorbing selling pressure, and once supply exhausts completely, a strong move upward should be expected.

 Bitcoin in Wyckoff Phase D

The price prediction that caught Raoul Pal’s attention indicated Bitcoin is in Phase D in the cycle. At this point, demand for Bitcoin always outweighs supply, which therefore leads to the asset’s price increasing slowly. Of many times, this phase is considered to be the last accumulation phase before a full breakout.

Since the fall of almost 4%, Bitcoin had seen this, analysts said, only a pullback to the LPS. LPS stands for that point where price dips briefly before continuing its upward journey.

This pullback is considered as an organic part of the cycle, ensuring that all weak hands who are trying to selloff the market and only the strong hands institutional buyers continue accumulation.

 The Way Forward: Phase E and Beyond

Analytical nature of the Wyckoff Accumulation Method takes the essence that Bitcoin now enters Phase E, possibly the most critical part of the cycle.

During Phase E, the price should finally force its way through the top of its present trading range and drive Bitcoin into “price discovery” mode possibly leading it to new all-time high peaks. Prediction for Bitcoin to hit a top of $85,000 per BTC or more in Phase E.

The breakout is expected around early November, when the U.S. elections are held. Big political events such as elections carry over volatility into financial markets.

But for those believing in the Wyckoff pattern, it would mean the end of the downtrend and final warming up to a big bull run for Bitcoin.

Raoul Pal’s Analysis: “This Feels Right”

Raoul Pal agreeing with this analysis explained it “feels right.” In Raoul Pal, the forecast receives a boost from his endorsement, given his extensive experience in markets and his influence as a voice for Bitcoin and other cryptocurrencies.

But as Pal swiftly reminded his listeners, this level of analysis resonates with him, and caution is needed. Cryptocurrency markets are notoriously volatile, so analysis could be done, but nothing is “live.”

Pal’s message reminds everyone that even the most seasoned researchers with the greatest predictions have a whirlwind market that rips everything up.

Conclusion: A Cautiously Optimistic Outlook

Needless to say, Raoul Pal’s Bitcoin price prediction endorsement certainly got the enthusiastic crypto enthusiasts and traders talking.

The Wyckoff Accumulation Method has a rather convincing message that says Bitcoin is at the end of its accumulation and may soon see a period of price discovery with highs of over $85,000 and potentially more. Phase E would take place in early November, but this would include mystery as the U.S. elections would further increase market volatility.

While it is exciting to be able to predict such happiness, Pal gives a cautionary note warning people that nothing is set in stone. Investors should remain vigilant and think both about the potential rewards and risks as the market changes.