The Bitcoin price is up 3% in the last 24 hours to trade for $43,380 as of 1:05 a.m. EST time, with trading volume surging 45%.<\/p>\n
This is part of an ongoing recovery rally after the Bitcoin price suffered the aftermath of Grayscale Bitcoin Trust (GBTC) redemptions. As investors cashed in their GBTC shares by selling BTC, the Bitcoin price fell nearly 12% after a local top of $48,969 on January 11.<\/p>\n
Meanwhile, a former executive of American investment bank Goldman Sachs, Raoul Pal, has updated his crypto market cycle forecast, saying the Bitcoin price could repeat a “bubble” price pattern like what was witnessed during the 2011-2013 cycle. In his opinion, this could send the king of cryptocurrency to levels as high as $500,000.<\/p>\n
Appearing in an interview with Pomp Investments founder Anthony Pompliano, Pal said<\/a> there is a “60% probability this is a relatively normal cycle,” where BTC hit $150,000. Still, he gives it a “20% chance that it’s actually a front-loaded cycle because of the spot BTC ETF and other stuff that maybe gets to that $150,000 faster and then fades.” In his opinion, this could hurt a lot of people who expect such a rally to continue into 2025.<\/p>\n