Bitcoin and gold may be set for a significant price surge as macroeconomic conditions improve.
The beginning of the “macro summer” rally could lead to a Bitcoin price breakout in the near term, according to Raoul Pal, the founder and CEO of Global Macro Investor. In a July 29 post on X, Pal wrote:
“Macro Summer is beginning to take hold and should last at least for the rest of 2024 and into 2025… Bitcoin is ready to soon break the giant cup and handle and head into the Banana Zone.”
The “Banana Zone” is a term coined by Pal to describe a period of significant upward price movement. In this case, it suggests that Bitcoin’s price could break out to a new all-time high.
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