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Like other markets, Bitcoin has been hard over the past few weeks. From the $10,500 high established in February, BTC has fallen by 41%, now trading at $6,200 as of the time of this article’s writing.
Despite this downturn, a prominent macro analyst expects the cryptocurrency to soon rally above its previous all-time high.
BTC Price to Surmount $20,000 In 18 Months
In an interview published on Saturday, Raoul Pal — ex-head of Goldman Sachs’ equity derivatives business and the current CEO of Goldman Sachs — remarked that he thinks the price of Bitcoin will rally to its $20,000 all-time high within the coming 12 to 18 months, despite the current crash seen in global markets.
This interview was released shortly after he remarked that he is more bullish than ever on Bitcoin, remarking that there’s a possibility that “all trust” in the “entire system” has been lost. This was presumably in reference to the world’s response to the outbreak of COVID-19, which has revealed clear insecurities in the fabric of society, from politics to finance.
He added that from a pure risk-reward analysis perspective, Bitcoin “beats all.”
The former Goldman Sachs executive previously told prominent industry podcaster Stephan Livera that all popular asset classes are extremely expensive, except for Bitcoin and cryptocurrency.
Equities, he explained, are roughly at all-time highs, and are pushing extreme valuations for relatively little profit and potential.
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