Real Vision CEO Raoul Pal thinks “macro summer” has begun and will send the prices of Bitcoin (BTC) and altcoins soaring.
The former Goldman Sachs executive tells his 1 million followers on the social media platform X that macro summer involves the ISM manufacturing index picking up.
The ISM is an indicator of US economic activity.
Explains Pal,
“And that is driven by liquidity, which bottomed at the end of 2022… macro summer and fall are all about liquidity rising and is a core part of The Everything Code thesis…
And that, in turn, lifts tech stocks… they LOVE macro summer and fall…
But Bitcoin LOVES macro summer and fall even more. Crypto summer has started and fully develops post-halving…it’s all the same Everything Code cycle…”
Pal notes that Bitcoin tends to do well in presidential election years, which coincides with Bitcoin halvings. The next halving, which cuts miners’ rewards in half, is expected to happen next month.
Bitcoin is trading at $70,121 at time of writing. The top-ranked crypto asset by market cap is up more than 5% in the past 24 hours.
Pal also says that he expects altcoins to skyrocket in the midst of macro summer.
“But the bigger game is yet to be played out as alt season arrives and we fully enter the Banana Zone. The Banana Zone cometh, and it is a huge wealth-generating machine. Patience will be rewarded.”
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