Real Vision CEO and co-founder has predicted that Ethereum is set to begin a 300% rally. Pal has always been a staunch advocate of the cryptocurrency and numerous times has he made his stance on the digital asset clear. Pal is a supporter of cryptocurrencies, with 100% of his investment portfolio consisting of cryptocurrency assets and products.
Recently, Pal shared his thoughts on where he thinks the digital asset is headed from here. This comes amid growing panic after the market had dipped on Tuesday, with bitcoin dropping below $60K. Ethereum which had hit multiple all-time highs recently was not left out of the onslaught as it had dropped back to $4,100. However, Pal says there is nothing to fear and he backs this up with his analysis of the market.
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Predicting A 300%
Pal took to Twitter to share with his 772K followers his analysis for the market. If the Real Vision CEO’s analysis is anything to go by, then the downtrend that the market has been experiencing will be short-lived. This is because Pal predicts that Ethereum will begin to rally again on Thursday or thereabouts.
Chart outline Raoul Pal's analysis | Source: Twitter
The analysis he posted shows a 300% rally following the dip in price. This would mean that Ethereum would break the highly coveted $5,000 price range, sending the market cap skyrocketing.
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
— Raoul Pal (@RaoulGMI) November 17, 2021
ETH recovers above $4,200 | Source: ETHUSD on TradingView.com
However, Pal approaches this with a bit of caution. The CEO added in a subsequent tweet that the rally may not play out the way he has mapped it but expressed confidence that the market may see between 100% to 300% rally as the end of the year draws closer.
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.
— Raoul Pal (@RaoulGMI) November 17, 2021
Pal’s History With Ethereum
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.
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“There’s tons that have gone into just holding, tones that are locked up in DeFi, tons that are locked up in NFTs, and you’re left with, as of today, 11% of the entire supply of Ethereum available and it’s going down every day, and the demand is going exponential,” said Pal. “The only outcome is an exponential rise in price. There’s no other outcome.”
On Sunday, Raoul Pal had tweeted that he saw the entire space doing a 100x. He focused particularly on Ethereum, pointing to its outperformance over bitcoin on a year-over-year basis.
Featured image from NewsBTC, chart from TradingView.com