Raoul Pal Predicts A 300% Rally For Ethereum Based On Bitcoin 2017 Chart
Raoul Pal, the founder and CEO of Real Vision, believes that Ethereum chart for this cycle will closely mimic that of Bitcoin’s during the 2017 bull run. Based on this the macro guru predicts a huge rally for ETH.
Recently, Pal shared his thoughts on the current crypto markets, amid market correction that started on Tuesday saw Bitcoin below $56K at the time of writing.
Ethereum which had hit multiple all-time highs recently was not left out of the onslaught as it had dropped back to $4,000. However, Pal says there is nothing to fear and he backs this up with his analysis of the market.
Pal looks into the current ETH price chart for the past three months compared to a chart showing the price movement of Bitcoin (BTC) in 2017.
Pal shared with his 779K followers on Twitter that the two charts are very similar, including the latest market dip.
“I have been showing this spooky chart of ETH now vs BTC in 2017 in various forms. This is my live CIX (Crypto Index) on Bloomberg…. even nailed this sell-off….to the day and price. What happened next? A 300% rally. From tomorrow (ish).”
I have been showing this spooky chart of ETH now vs BTC in 2017 in various forms. This is my live CIX on Bloomberg…. even nailed this sell off….to the day and price. What happened next? A 300% rally. From tomorrow (ish). 1/ pic.twitter.com/GZiStl4hmG
While the analyst doesn’t believe that Ethereum would 100% mimic BTC’s 2017 price action, he predicts an ETH rally between 100% to 300% by the end of 2021.
“Now, I don’t expect perfection but with all the other analysis I have done, something like a 100% to 300% rally is highly probable into year end. Nothing is a cert. After that, its a tougher call but I think it possibly elongates and sees significantly higher prices.”
Not too long ago, Pal had predicted that Ethereum was set to hit the $20,000 mark by the first half of 2022. This was in line with the CEO’s previous sentiment around the digital asset, which is attributed to the growing use cases of the asset.
At the time of writing, Ethereum is trading below $4K at $3,997 with 7.17% loss on the daily chart.
