Raoul Pal, the Real Vision CEO, has recently reiterated his stance on Ethereum (ETH), stating that it’s destined to hit $20,000, which is a relatively 480% surge from its current prices in the coming months.
In Bankless episode 80 as reported by Daily Hodl, the former Goldman Sachs executive stressed what brought about his $20,000 price target for the second-largest cryptocurrency by market cap, Ethereum (ETH).
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Raoul Pal noted:
“My price prediction has been ETH north of $20,000, and that’s pretty simple. All I did is just map over the ETH chart to the Bitcoin 2017 chart. They work perfectly, and it gives you $20,000. There’s no great science to that, but it feels about right.”
Raoul Pal has been a stern supporter of Ethereum (ETH). He continued to say that the largest smart contracts platform has the potential to hit $20,000.
In early August, the founder of Real Vision referred to Ethereum as the greatest trade due to the impact of Ethereum Improvement Proposal (EIP) 1559 on the network:
“Basically, there’s 13% of all the free float of Ethereum available. Everything else is being staked, locked and hoarded. They’ve just made the supply more difficult. The supply is lower.”
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On Ethereum (ETH), Pal concluded that the top cryptocurrency has the potential to reach his price target by March 2022.
As for Bitcoin (BTC), Raoul Pal stated that a significant upsurge in the coming days is on the cards. He then mentioned two catalysts that he thinks will aid the rally of the first and largest cryptocurrency:
“I’ve also mapped the Bitcoin price versus Bitcoin 2013. They look pretty similar. There’s a bunch of other ways I’d do it with Bitcoin with log charts, regression analysis, stuff like that. Generally speaking, I think it’s somewhere between $250,000 to $400,000, with an outside chance of a million [dollars] if we get an extended cycle.
“Don’t forget, they usually go up 5 to 10x in the last three months of the year. We haven’t even got to the all-time high, but let’s say Bitcoin goes up 5x from the $60,000 high. That’s $350,000. That would be a very normal rally for year-end, considering we’re about to have an ETF (exchange-traded fund).
“And if I’m right, we might see the central bank pivoting to more printing. They may not print more money this year, but they’ll start talking about it. Those two things alone are enough to drive Bitcoin to $350,000.”
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