The crypto market looks pretty bloody today, with the most important coins trading in the red.
At the moment of writing this article, Bitcoin is also trading in the red and the king coin is priced at $9,255.08.
Raoul Pal could buy ETH
The former Goldman Sachs hedge fund manager Raoul Pal said that he’s thinking about buying ETH because he believes that the coin may spearhead the next rally.
He hopped on Twitter to predict that a massive crypto rally is around the corner as Bitcoin is on the verge of a breakout in the near term but also in the long run.
The time for the crypto rally seems fast approaching…#Bitcoin $BTC is getting ready hopefully to break the small wedge… pic.twitter.com/Fr8ZLWTA4V
— Raoul Pal (@RaoulGMI) July 8, 2020
He also made sure to highlight the fact that he could buy ETH:
I don’t yet own ETH but feeling the need to think about adding some. My primary vehicle remains bitcoin.
A rising tide will lift all boats most likely.
We’ve been waiting patiently for the breakout for some time. Who knows is if breaks out now but the clock is ticking…
— Raoul Pal (@RaoulGMI) July 8, 2020
Bitcoin could reach $1 million
Back in April Pal was saying that he believes that Bitcoin could reach $1 million.
“Would it be crazy for Bitcoin to have a $10 trillion valuation? 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,” he said as cited by the online publication the Daily Hodl.
In other news, we recently reported that the popular S2F model is showing that Bitcoin could be hitting $70k by mid-2021, according to two analysts at Weiss Crypto Ratings.
There have been a lot of optimistic predictions about Bitcoin, especially following the halving.
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