Trillions of dollars could flow into altcoin markets as crypto flashes ‘beautiful’ Diagram: macro guru Raoul Pal
Former Goldman Sachs CEO Raoul Pal believes a flood of capital is likely to flow into the cryptocurrency as altcoin markets brace for a potential breakthrough.
The macro guru tells his 997,100 Twitter followers that he’s closely watching TOTAL3, a chart that tracks the total market cap of crypto assets excluding Bitcoin (BTC) and Ethereum (ETH).
According to Pal, TOTAL3 is looking bullish as it is trading near the top of a falling wedge structure and a breakout could see the total altcoins market cap surge above $4 trillion.
“Beautiful card alert!
I keep staring at this chart…
It is one of the most bullish and perfect charts I have seen and the measured target is well over $4 trillion.
Total crypto market cap (excluding BTC and ETH).”
Source: Raoul Pal/Twitter
At the time of writing, TOTAL3 is trading at around $332.65 billion. A move to $4 trillion suggests more than 1,100% upside potential.
Pal believes that the market cap of all crypto assets could reach $10 trillion.
Late last month, Pal said he expects crypto to be one of the fastest horses, likely to outperform all other asset classes as global liquidity increases.
He also said that BlackRock’s application for a spot Bitcoin exchange-traded fund could attract fresh capital to the burgeoning space.
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