Former Goldman Sachs executive says macro indicators show Bitcoin rebound has just begun

According to Raoul Pal, CEO of Real Vision,Bitcoin (BTC)’s rally is all about the global liquidity cycle.

In a new analysis, the former Goldman Sachs executive lays out how he believes cryptocurrencies tie into traditional macroeconomic frameworks.

Source: Raoul Pal/Substack

The ISM Manufacturing Index is an indicator of U.S. economic activity.

Pal also looked at global M2, a money supply indicator that measures the deposits people have in cash, checking accounts and other types of deposits that are easily converted into cash.

Source: Raoul Pal/Substack

Pal believes the liquidity cycle will bottom in October 2022 and said his model “suggests that the liquidity cycle will trend upward in 2024.”

Source: Raoul Pal/Substack

As of this writing, Bitcoin is worth $37,581.

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