Real Vision CEO Raoul Pal is predicting that the smart contract platform Ethereum (ETH) will hit new all-time highs before the year’s end.
In a new blog post, the former Goldman Sachs executive says that a strong-performing Nasdaq-100 Index (NDX) is likely to hit new all-time highs within five months along with Ethereum.
“We think the NDX may get to new all-time highs by November; the same applies to ETH. The NDX continues to outperform current liquidity conditions. This also happened in the past in 2019, for example – you can’t hold a beach ball underwater for long – the NDX will always tend to outperform.”
Pal says the NDX is likely to keep climbing on the back of secular trends like the emergence of artificial intelligence (AI) and a weakening dollar.
“Remember: NDX = Debasement + Secular trend.”
At time of writing, Ethereum is trading for $1,880, up 1% during the last 24 hours. ETH reached an all-time high of $4,878 on November 10th, 2021.
The macro guru is also watching the performance of the US dollar index (DXY), which compares the American currency versus a bucket of other fiat currencies.
Pal says that the DXY is likely to break its support at 100 in the coming months, which he notes could boost the performance of risk-on assets like Bitcoin (BTC) and other cryptocurrencies.
“Our base case at GMI (Global Macro Investor) is that we’re trading within a larger symmetrical triangle (continuation pattern). A break of 100 likely means the next stop is 90, which we expect to play out over the next twelve to eighteen months as the business cycle starts to bottom – a broadly supportive environment for risk assets…
Dollar weakness is not the ONLY thing that matters for risk assets and crypto markets, but looking back, it’s a pretty big plus.”
Bitcoin is worth $30,367 at time of writing, up 0.7% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not…
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