Solana (SOL) has emerged as a standout performer in the latest crypto market rally, surpassing $160 and reaching a high of $169. This surge in Solana has instilled robust investor confidence. On the other hand, Bitcoin (BTC) is steadily approaching the $70,000 mark, further fueling optimism in the broader crypto space. However, macro analyst Raoul Pal believes that Bitcoin must break $70,000 to sustain its bullish momentum.
Raoul Pal, the CEO of Real Vision, has pointed out specific levels to watch in order to determine if the recent uptrend in Solana is sustainable. He emphasizes the trajectory of Bitcoin, stating that the market’s bullish momentum relies on BTC surpassing $70,000 “before any long yellow fruit seasons.”
Despite the overall upward trend, Bitcoin has experienced significant price fluctuations in recent weeks. After falling below $59,000 on Thursday, the cryptocurrency recovered and closed the weekend around $62,000. It then surged to $64,500 at the start of the new trading week, reaching $66,500 by Monday’s end. On Tuesday, Bitcoin climbed further to $68,000 before facing a rejection. It briefly declined but managed to hit $69,000 by Friday before retracing back to the current price of $68,985.
Despite the consistent uptrend, Raoul Pal remains cautious. He believes that sustained bullish sentiment would require Bitcoin to surpass the critical $70,000 threshold.
This is not the first time Raoul Pal has emphasized the importance of the $70,000 level for Bitcoin. He 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. MartyParty’s analysis suggests that a move beyond $73,777 could lead to Bitcoin surpassing $80,000, especially as the U.S. elections approach in November.
The recent rate cut announcements by the Federal Reserve have also contributed to improved sentiment in the crypto market, leading to ongoing price surges. Raoul Pal remains optimistic about Bitcoin’s long-term path, emphasizing that short-term fluctuations are less significant in the broader context.
It’s important to note that this article is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct thorough research before making any investment decisions.