Macro Analyst Raoul Pal has emphasized the importance of Bitcoin breaking the $70,000 mark in order to sustain its bullish momentum, while Solana has shown impressive performance in the recent crypto market rally. Solana’s token, SOL, has surpassed $160 and reached a high of $169, indicating strong investor confidence.
Bitcoin, on the other hand, is steadily approaching $70,000, which has further fueled optimism in the broader crypto space. Raoul Pal, CEO of Real Vision, has identified specific levels to monitor before considering Solana’s recent uptrend as sustainable.
Pal’s focus is primarily on Bitcoin’s trajectory, suggesting that the market’s bullish momentum relies on BTC surpassing $70,000 “before any long yellow fruit seasons.”
In recent weeks, Bitcoin has experienced significant price fluctuations despite an overall upward trend. It initially fell below $59,000 but recovered and closed the weekend around $62,000. As the new trading week began, Bitcoin surged to $64,500 and reached $66,500 by the end of Monday.
On Tuesday, Bitcoin climbed even higher to $68,000 before facing a rejection. However, the decline was short-lived as BTC reached $69,000 by Friday and retraced back to the current price of $68,985.
Despite this consistent uptrend, Pal remains cautious and believes that sustained bullish sentiment requires Bitcoin to surpass the critical $70,000 threshold.
This is not the first time Pal has highlighted $70,000 as a crucial level for Bitcoin. He has previously supported MartyParty’s analysis, which takes a bullish stance based on Wyckoff’s accumulation model. According to the model, Bitcoin has been progressing through distinct phases, with Phase D representing the final point of support before a potential breakout.
During this phase, the model showed price fluctuations between $56,700 and $66,500, which coincided with geopolitical events in the Middle East, leading to a temporary retracement in BTC.
MartyParty’s analysis suggests that a move beyond $73,777 could occur as the U.S. elections approach in November, potentially propelling Bitcoin past $80,000. Pal agrees with this analysis and acknowledges that this event could serve as a catalyst for a significant upward shift.
The recent rate cut announcements from the Federal Reserve have also contributed to improved sentiment in the crypto market, leading to ongoing price surges. Pal remains optimistic about Bitcoin’s long-term path, stating that short-term fluctuations are less significant in the broader context.
Disclaimer: This article provides informational content and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.