Former Goldman Sachs executive Raoul Pal expects the crypto market to recover by the end of 2024.
In a new interview with crypto trader Scott Melker, the macro guru says that based on historical precedent, Bitcoin (BTC) and other digital assets could see bigger gains in the last week and half of December.
A rally at this time of year is often referred to as a “Santa Claus rally,” a financial term that describes a calendar effect on traditional stocks, which have historically risen on the last five market trading days of the year in December and the first two trading days in the new year.
“Normally in this phase we should recover quite strongly in all areas by the end of the year. But then the real game is played in the first quarter.”
Pal also believes that the most explosive rally of the current market cycle is yet to come and that it could occur next year, perhaps around the Fed’s March meeting where interest rates could be cut.
“I think my next phraseology will be the banana singularity, then everything goes haywire…
So we have not yet reached the banana zone singularity point. That will come too. That is…
