Former Goldman Sachs CEO Raoul Pal has forecasted a significant rise in Bitcoin and the broader cryptocurrency market in the fourth quarter of 2024.
In an appearance on the podcast The Wolf Of All Streets with Scott Melker, the investor noted that risky assets like Bitcoin typically rally around the time of U.S. presidential elections.
“The final quarter of an election year is a real ‘banana zone’ for all assets. It always is. So, you know there is an extremely high probability that by autumn everything will go completely haywire,” Pal optimistically stated.
He also highlighted the upward trend of Solana, according to technical analysis.
“If you want to boldly add to your position in SOL, this is probably a good entry point… we’ll see! Bananas ripen slowly […], but by autumn they should be magnificent,” the investor hinted at a possible altseason.
Considering expert opinions, users should conduct their own research on the risks of investing in digital assets.
In May, Pal noted that the new U.S. president’s administration tends to extend the growth of national debt, increasing liquidity. He pointed out that historically, the “banana zone” for cryptocurrencies in autumn is much more pronounced than, for example, for the Nasdaq index.
Earlier, Bitfinex analysts suggested that the leading cryptocurrency is currently in a consolidation phase amid sell-offs by long-term holders.
On June 24, Bitcoin fell below $62,000 following a statement by the Mt.Gox trustee regarding plans to begin compensation payments.