In recent updates, Raoul Pal shares insights on the current state of the cryptocurrency market, drawing parallels to its state in 2017. According to him, while Bitcoin's growth is currently slower, a peak may align with 2026.
Analysis of Current Market Structure
Pal notes that the current market structure is “spookily similar to 2017,” with consistent upward movement in Bitcoin and a likely blow-off top ahead. However, he points out that the pace of growth is different this time, largely due to macroeconomic headwinds.
Impact of Macroeconomics on Crypto Market
According to Pal, macroeconomic delays, such as interest rate adjustments and dollar stagnation, have pushed the crypto cycles back. He suggested that today’s market resembles 2020 more than 2021, indicating that we may still be in the early acceleration phase.
Institutional Interest in Cryptocurrencies
Pal also highlighted the growing institutional interest, particularly in the Middle East. He met with sovereign wealth funds across Saudi Arabia, Abu Dhabi, Dubai, Bahrain, and Qatar, all of which expressed strong interest in crypto, AI, and blockchain infrastructure.
While Raoul Pal’s outlook remains bullish, he cautions that this cycle may take longer to mature due to macroeconomic friction and slower institutional onboarding. If correct, the peak of the current cycle could be deferred to 2026.
