The Bitcoin Bull Raoul Pal Seen To Be 'Irresponsibly Long' As BTC Trend Targets $15K

How Is Bitcoin Faring In The Market Today?

As bitcoin and a number of crypto assets have been testing new resistance levels, the cryptocurrency markets have been fluctuating quite a bit lately. As a decent portion of the top twenty digital assets has gained 1-15% in the last 24 hours, the market valuation of the entire crypto-economy is hovering around $ 360 billion. 

Recording This Week’s Crypto Market Action

As prices started rising again during the latter half of the weekend, a number of digital currency enthusiasts have been focused on crypto markets. Bitcoin had jumped a hair above the $12k zone during the early morning trading sessions on Monday. 

After reaching the $12k zone to the $11,500 region, BTC/USD prices slid 4%. It was then followed by the move filling a CME Group bitcoin future that was not filled before the weekend. Bitcoin bulls are again pressing toward the $12k range as quickly moved back to the $11,700 position. 

The crypto asset’s dominance ratio is still only 60.5% out of all the coins in existence which is 5,700+ despite BTC’s rising price towards $12k. Bitcoin has a market cap between $218 to $221 billion at the time of publication. BTC is up 5.9% during the last seven days as the asset is up 28.8% for the last 30 days. 

There is $30 billion in 24-hour trade volume on Monday out of all 5,700+ crypto coins. Trading at $396 at press time, Ethereum is up over 2.4% today. During the last 30 days, ETH is only up 3.4% for the week but it is up over 64%. As it has been wobbling between $0.29 to $0.30 during the last few days, XRP is also up over a percentage today. 

After touching a high of $308, during the early morning trading sessions, Bitcoin Cash has been trading for just above the $300 range. During the last seven days BCH is up 2%, for the last 30 days 28%, and during the last 90-day time span, 29.7%. With a market capitalisation at $5.59 billion, the cryptocurrency has around $ 779 million in 24-hour global trades. 

What Are Analyst Indicating As Bitcoin Prices Heads For $15,000?

As told to his 53,000 Twitter followers on Sunday, the full-time trader Adam Mancini says he is seeing the excellent rally in bitcoin thinking the next big stop to be around $15,000 as the crypto asset recently busted a bullish triangular pattern. 

On Sunday, Mancini tweeted that BTC broke out of a multiyear bullish triangle with force. The same old classic patterns that apply to all financial assets still apply even if Bitcoin maybe the new kid on the block. Here the trend is up with $15k next target. 

From The Former Goldman Sachs Exec Raoul Pal Who Is ‘Irresponsibly Long’ Toward Bitcoin

According to a new interview published this week, the CEO of Real Vision, Raoul Paul is short on the US dollar as irresponsibly long toward bitcoin. He thinks it is a better investment than precious metals, bonds, and transitional stocks, as Pal is extremely bullish toward bitcoin. 

As Pal said, there is only one asset in fact with offsetting the growth of the G4 balance sheet whereas it is certainly not stocks, bonds, commodities, credit, precious metals, or miners. Bitcoin was according to him the only one asset massively outperforming over almost any time horizon and he was already irresponsibly long thinking it may not be even worth owning any other asset as the long-term asset allocation as the story is set for another day. 

Here Is What The Coinshares Report Says About Investors Owning 4% Of Bitcoin In Their Portfolio

Publishing a research report identifying bitcoin portfolio allocation, was Coinshares Investment Strategist James Butterfill detailing that bitcoin portfolio weight of 4% is optimal for a traditional 60/40 portfolio. Historically it is attractive as BTC is a portfolio diversifier due to being a driver of returns. 

Butterfill’s report notes that Gold comes with a similar impact in diversifying a portfolio and although the portfolio weights above 20% it is required to achieve any substantial impact thereby on diversification. Converse to this, Bitcoin has minimal weights having a far greater impact. 

The Conclusion

So as Bitcoin poses to be a positive investment vehicle, many doubt its credibility. With bullish movements, the investors are watching the bulls closely. Hence for professionals like Raoul Pal it is surely a test of fire to bring out the credibility of the once prominent crypto asset.