Crypto Bull Run Continues: Bitcoin Eyes $250,000, Ethereum & Solana Next?

Bitcoin broke its record high above $71,600 after the US approved spot Bitcoin ETFs.

Raul Pal predicted Bitcoin to reach $250,000 by the end of the cycle.

He set a bull target of $750 to $1,000 for Solana due to its technical strengths.

Bitcoin recently achieved an all-time high, surpassing $71,600, thanks to the approval of spot Bitcoin exchange-traded funds (ETFs) in the US on January 11, 2024. Real Vision founder Raul Pal, known for his optimistic views on cryptocurrencies, boldly set a target of $250,000 for Bitcoin.

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But his optimism extends to Ethereum and Solana as well.

Pal’s Bullish Call: $250,000 for Bitcoin
Raul Pal’s ambitious target for Bitcoin is an impressive $250,000, making waves in the crypto community. Yet, this bold prediction is not limited to Bitcoin; Pal also envisions a positive trajectory for Ethereum, anticipating a rise from $15,000 to $20,000. This outlook is grounded in Ethereum’s correlation with Bitcoin, expectations of a spot Ethereum ETF adoption, and the upcoming Denouement Upgrade.

As of now, Ethereum is valued at $4030.1, showing a 2% increase in the last 24 hours, with a current market cap of $468.89 billion.

$750 to $1,000!
Pal’s attention also turns to Solana, where he predicts a bullish price target ranging from $750 to $1,000. Impressed by Solana’s technical prowess, Pal expresses confidence that its operational excellence will drive increased demand for SOL, leading to further price increases.

Solana’s current price of $147.67 is comfortably above the 20-day simple moving average of $120.69. Additionally, the 24-hour technical indicator for Solana (SOL/USD) points to an uptrend.

Careful Projections
Pal acknowledges that his projections may be conservative in the dynamic spot BTC ETF market. With Bitcoin experiencing heightened demand from ETF holders and a shrinking supply due to the impending Bitcoin halving event, where BTC yields have dropped by 50%, the market is undergoing unprecedented changes.

Read More: Indian Crypto Investment Platform to Offer Bitcoin ETFs?

As Bitcoin enters an active price discovery phase, Raul Pal’s predictions spark expectations and speculation, adding excitement to the “game”.