Cryptocurrency expert predicts bitcoin’s growth to $ 50,000 this year

Raul Pal, a former Goldman Sachs executive and CEO of Real Vision, shared his opinion on the near future of bitcoin. According to Pal, amid the banking and economic crisis in the United States, BTC $95,907.28 Bitcoin -0.21% Market capitalization $1.9 trillion VOL. 24 hours $2.26 billion could gain and reach $ 50,000 by 2023.

In an interview with Morgan Creek Digital founder Anthony Pompliano, Raul Pal noted that the conditions are now ideal for bitcoin to take the place of a true safe-haven asset, along with gold. This will allow the market leader’s rate to grow significantly in the near future, the analyst believes.

One of the drivers of bitcoin’s growth may be the capitulation of bears and short-squeeze (a rapid price increase due to a large number of short sales). According to Pal, if bitcoin is really perceived as a defensive asset, more people will invest in it, and more and more sellers will capitulate.

«I think the price increase will be bigger than people expect. Bitcoin will reach $ 50,000 faster than most people expect. This year or within the next 12 months? Anything ispossible,» said Raul Pal.

The Real Vision CEO also expects that in the longer term, the cryptocurrency market may well experience a parabolic growth similar to that observed in 2021 and 2017. This will be facilitated by greater interest in cryptocurrencies from both institutional investors and ordinary users, Pal believes.

Regarding the near-term outlook for the value of BTC, Finbold analysts used the capabilities of the CoinCodex and CoinPriceForecast platforms to determine the likely value of the flagship cryptocurrency on Easter. According to CoinCodex, BTC will be traded for $ 27,845 on April 9. According to CoinPriceForecast, there is a possibility that bitcoin will reach $ 30,000 and will be trading at $ 33,047 by the end of the year.