According to Raoul Pal, the CEO of Real Vision, it is standard for Bitcoin’s price to stall for some time before embarking on significant rallies. In a recent interview on the Altcoin Daily YouTube channel, Pal noted that Bitcoin’s exponential rallies occur when the altcoin season comes.
The well-known crypto personality highlighted there are early signs of the altcoin season in the current market dynamics. Pal noted that memecoins dominated the crypto market in a protracted trend that could drag longer.
Pal spotted an ongoing trend that is repetitive of what happened in 2020 when most people wrote off Ethereum. He noted that despite a slow start, Ethereum picked up and paced quickly, leading other altcoins into a well-recognized altcoin season. He thinks the situation is similar to the current altcoin market.
Speaking about the upcoming Bitcoin halving, Pal noted that he does not expect any significant market behavior on the halving day. According to him, what users know is that the supply of BTC will be reduced by half. Hence, over time, there will be less new Bitcoin supply, leaving the existing participants to cater to the industry’s supply needs.
Pal explained that adding other macroeconomic factors over time would tilt the Bitcoin situation in favor of demand. When the above stated happens it would lead to the accustomed escalation in crypto prices seen after each halving event.
The renowned analyst explained that the Bitcoin halving itself does not impact Bitcoin’s price. According to him, the signal that the market is entering a crypto summer triggers exponential rallies. Also, the crypto summer coincides with other socio-economic and socio-political factors like the debt refinancing cycle and the U.S. elections.
Pal explained that combining the significant events shortly after the Bitcoin halving creates the momentum that pushes the market higher. They form the tailwind behind Bitcoin’s price and the prices of many other cryptocurrencies.
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