Raoul Pal, who predicted that Ethereum would reach $20,000 earlier this year remains extremely bullish on the second-largest cryptocurrency
In fact, he believes that the ETH/BTC ratio might be “the single most bullish asset price chart” right now. The ETH/BTC pair peaked at 0.085 BTC on Sept. 8. However, it then declined more than 12% in the run-up to the much-hyped “Merge” upgrade, which ended up being a “sell the news” event. It is worth noting that the ETH/BTC pair is still down 50% from its all-time peak of 0.156 that was reached in June 2017.
Pal’s price predictions should be taken with a huge grain of salt. Last September, he said that the Ether price would hit $20,000 by the end of the year. In November, heon his bullish call after the price of Ethereum reached the top of the previous cycle. Ethereum is currently trading at $1,591 on the Binance exchange after declining 67.36% from its record high.
Bitcoin recently managed to reclaim the $20,000 level. It is currently trading at $20,575 on the Binance exchange.
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