U.Today – Former Goldman Sachs CEO and renowned cryptocurrency supporter Raoul Pal has brought to lithe an amazing modern (BTC) price prediction, expressing his agreement with the arguments presented. The analysis that caught Pal’s attention uses the Wyckoff accumulation method, a trading strategy developed by Richard D. Wyckoff that identifies market cycles and institutional behavior.
It focuses on the accumulation phase, where institutions buy assets at lower prices in anticipation of potential upward price movements. Key elements include increased volume, upward price action with higher lows and highs, and tests confirming minimal selling pressure.
According to this prediction, Bitcoin’s price is currently in Phase D, where demand consistently exceeds supply. The latest episode was Bitcoin reaching its last supply points (LPS) yesterday, where the price fell after falling almost 4% on the day.
Currently, the price is expected to reach at least the upper part of the trading range in this phase, but according to the price forecast, this upper part will be broken and the next phase for Bitcoin will be E.
This is when the major cryptocurrency could finally break its all-time high and achieve a price discovery of up to $85,000 per BTC and more, as seen in the accompanying chart. The expected date for Phase E is early November, when the US elections begin.
For Raoul Pal, this is what “feels right.” It’s challenging to say whether this will happen because nothing is certain in this market.
