Real Vision CEO Raoul Pal says he is bullish on leading smart contract platform Ethereum (ETH) after a month-long market correction.
The former Goldman Sachs exec says in a new strategy session that ETH could be setting the stage for a big bull run.
“I am very optimistic. I look at the chart. The graph looks great. It feels like we just had this good kind of month long correction. I’m looking at the ETH [chart], but you can use any of the charts. I don’t know what it is, but there is one thing that is going to trigger this. Then I went back and looked at all the other previous pickups since the low and then compared to things like Amazon in 2003-04. I look at all these things and they usually always go higher and faster than people expect. And then correct.”
Pal sets price targets of between $2,000 and $3,000 for an Ethereum bull run. However, he says that the price of ETH could go even higher, as Ethereum burns when used in transitions, making it more scarce.
“It could be between $2,000 and $3,000. Let’s call it that. It could be even higher. I don’t know. Because there are many mechanisms in ETH that are very unbalanced due to burning. The more people enter the network, the less ETH there is. I think it could become a problem for ETH, but it will give it a lot of volatility to the upside.”
Pal says that Ehtereum may have an unexpected V-shaped recovery.
“There is a risk of an upward V shape. That is the risk that I think is underestimated.”
Ethereum is worth $1,673 at the time of writing.
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