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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