Bitcoin Rallies Just Getting Started According to Ex-Goldman Sachs Exec Raoul Pal
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Macro indicators like ISM manufacturing index suggest Bitcoin rallies just getting started, according to ex-Goldman Sachs executive Raoul Pal.
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Pal sees correlation between ISM and where Bitcoin is in liquidity cycle, with Bitcoin even leading the indicator.
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Global M2 money supply metric bottomed last year, continues rising, driving crypto and tech stock rallies in 2022, per Pal.
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Pal believes liquidity cycle bottomed in October 2022, models suggest upward trajectory into 2024.
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At time of writing, Bitcoin is worth $37,581.