Global Macro Investor CEO: Bitcoin price will hit $ 40,000 and even $1 million after hitting $ 10,000

By Selena On May 8, 2020

Raoul Pal, Global Macro Investor CEO, explained how technical analysis of Bitcoin’s recent price action tells him that the current bull run could “potentially” take the Bitcoin price to $ 1 million.

Raoul Pal, Global Macro Investor CEO

Global Macro Investor CEO shares his vision of why Bitcoin price has potential to hit $ 1 million

Before founding macroeconomic and investment strategy research service Global Macro Investor (GMI) in 2005, Pal co-managed the GLG Global Macro Fund in London for global asset management firm GLG Partners (which is now called “Man GLG”). Before that, Pal worked at Goldman Sachs, where he co-managed the European hedge fund sales business in Equities and Equity Derivatives. Also, currently, Pal is the CEO of finance and business video channel Real Vision, which he co-founded in 2014.

Less than two hours after the Bitcoin price surged above the $ 10.000, Pal took to Twitter to talk about Bitcoin. More specifically, he wanted to explain how the charts are telling him that the current bull run could potentially take the price of Bitcoin to $ 1 million:

Bitcoin Porn and The Perfect Set Up… $BTC #BITCOIN

Chart 1 – The Perfect Wedge.

If you use classic charting techniques, it gives you a price target of around $40,000…but 1/2 pic.twitter.com/Q2pYRJtnIP

— Raoul Pal (@RaoulGMI) May 8, 2020

In the second chart, Pal shows the potential (and the investor emphasizes this word) for Bitcoin to reach $ 1 million.

Chart 2 – The Perfect Wedge on a Log Chart

Well, that gives you a price object for this run potentially (key word – potentially) of $1m. pic.twitter.com/ZDJXsrbbVN

— Raoul Pal (@RaoulGMI) May 8, 2020

Finally, he said that Bitcoin is likely to move to $400,000 and potentially (again) to $ 1 million.

Chart 3 – The Perfect Regression Channel

That gives a 1 standard deviation move to $400,000 and a 2 standard potential to $1m (potential). pic.twitter.com/YV1SUOKWjn

— Raoul Pal (@RaoulGMI) May 8, 2020

Pal then reiterated his belief that the “crazy” amount of quantitative easing (read money printing) being done by the world’s major central banks has to be good for Bitcoin, which in contrast is set to undergo “quantitative tightening” in just four days. He summarized why he feels so bullish about Bitcoin with the following tweet.

Add to that the ENTIRE worlds central banks are either seeing their currencies collapse to the almighty dollar (BRL, TRY, ARG, etc) or they are printing money like CRAZY.

HUGE quantitative easing fiat meets the hardest money that automatically quantitatively tightens. $BTC wins.

— Raoul Pal (@RaoulGMI) May 8, 2020

It is worth remembering that in the April 2020 issue of the GMI newsletter, Pal explained why he believes that Bitcoin, which he calls the future, could have a $ 10 trillion valuation in the future.

In this report, Pal talks about the economic risks posed by the COVID-19 pandemic — which he calls the biggest event of all of our lifetimes – and what individuals and corporations can do to protect themselves. In this report, Pal said that he believes that the price of Bitcoin could reach $ 1 million within the next 3 – 5 years and that Bitcoin could be a $10 trillion asset class.

Here is Pal explaining why the idea of a $ 10 trillion valuation for Bitcoin is not so crazy:

“After all, it isn’t just a currency or even a store of value. It is an entire trusted, verified, secure financial and accounting system of digital value that can never be created outside of the cryptographic algorithm. It is nothing short of the future of our entire medium of the exchange system, and of money itself and the platform on which it operates.”

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