Macro Analyst Raoul Pal has stated that while Solana has reclaimed $160, Bitcoin must break $70K to sustain bullish momentum.
Altcoins are driving the latest rally in the crypto market, with Solana (SOL) emerging as a standout performer. The token recently surpassed $160, reaching a high of $169, signaling robust investor confidence.
Meanwhile, Bitcoin (BTC) is steadily approaching $70,000, further fueling optimism across the broader crypto space. Amid this buoyant market, Raoul Pal, CEO of Real Vision, has pointed to specific levels to watch before labeling the recent uptrend in Solana as sustainable.
Pal focuses on Bitcoin’s trajectory, suggesting that the market’s bullish momentum hinges on BTC surpassing $70,000 “before any long yellow fruit seasons.”
Even though $SOL is through $160, I’d prefer to have $BTC confirm it by breaking $70k before gleefully announcing any long yellow fruit seasons…
— Raoul Pal (@RaoulGMI) October 20, 2024
Raoul Pal’s Cautious Approach
Over the past weeks, Bitcoin has displayed significant price fluctuations despite an overall upward trend. Initially, BTC fell below $59,000 on Thursday, October 10, but recovered and closed the weekend around $62,000. As the new trading week began, Bitcoin surged to $64,500, maintaining this upward momentum and reaching $66,500 by Monday’s end.
On Tuesday, Bitcoin climbed further to $68,000 before facing a rejection. However, the decline was brief as BTC hit $69,000 by Friday but retraced back to the current $68,985.
Despite this consistent uptrend, Pal remains cautious. He has reiterated that sustained bullish sentiment would require Bitcoin to surpass the critical $70,000 threshold.
Pal’s Previous Observations
This is not the first time Pal has highlighted $70,000 as a crucial level for Bitcoin. He previously supported MartyParty’s analysis on X, which takes a bullish stance based on Wyckoff’s accumulation model.
According to the model, Bitcoin has been progressing through distinct phases, with Phase D representing the final point of support before a potential breakout.
During the phase, the model showed price fluctuations between $56,700 and $66,500, a range that coincided with geopolitical events in the Middle East, causing a temporary BTC retracement.
MartyParty’s analysis suggests that a move beyond $73,777 could materialize as the U.S. elections approach in November, potentially pushing Bitcoin past $80,000. Pal agrees with this analysis, aknowledging that this event could be a possible catalyst for a significant upward shift.
Notably, crypto market sentiment improved following the Federal Reserve’s recent rate cut announcements, contributing to the ongoing price surges. Following the event, Pal reaffirmed his long-term optimism that Bitcoin’s path remains upward and that short-term fluctuations are less significant in the broader context.
