☄ Raoul Pal: The true bull market will only begin in 2026

Raoul is one of the most renowned macro analysts, a former Goldman Sachs executive, and the co-founder of Real Vision.
He believes that the massive rally in altcoins will start in 2026. Today's calm does not mean the market is weak. This is just a transitional phase between cycles.
• When business activity is sluggish, people avoid risk. When the economy accelerates, capital moves up the risk curve and shifts into altcoins. The market is preparing for a flood of liquidity. The White House and large funds are already working in this direction.
• Bitcoin's movement is synchronized with global capital flows. Almost all dynamics reflect the growth and contraction of global liquidity. The current prices are driven by concerns over a recession, although the likelihood of one occurring is nearly zero.
• The core game is about currency devaluation. Countries need fresh funds to pay off debts. Liquidity has been increasing year by year, pushing up all risk assets. This process is systemic and will not stop.
• Post-2008 economic cycles have become longer and more predictable. After a major restructuring of debt in 2022, the next cycle peak has been delayed until 2026. As Pal said, that will see the strongest liquidity shock.
In his view, the current weakness in cryptocurrencies is not a market turning point but a temporary lag in macro cycles. When liquidity begins to grow, the crypto market will accelerate at the fastest speed. And, the major phase of movement is still far from starting.
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