Raoul Pal says ethereum may outperform bitcoin in next bull market
Macro guru Raoul Pal has predicted that ethereum (ETH) could hit a five-figure price in the upcoming bull cycle and outperform bitcoin (BTC) by as much as five times.
ETH to beat BTC in next bull run
Former Goldman Sachs executive Raoul Pal predicted that there’s a likelihood that ethereum could hit a five-figure price and outpace its biggest competitor, bitcoin, by as much as five times in the upcoming crypto bull market.
Pal made the prediction in a new video on financial minimalist Jamie Currie’s YouTube channel, “Jamie Tree.” He claimed that ETH will likely offer the best risk-adjusted returns in the future but that many other rival altcoin projects, such as solana (SOL), could still achieve more significant gains.
According to the financial analyst, the basis for his prediction lies in the more significant use cases available for the Ethereum network than for Bitcoin’s blockchain, meaning ETH has the potential to be bigger than BTC in the next bull run.
“We should see ETH doing one, two, three, four, five times bitcoin in the next run because ethereum is a broader architectural protocol of which we can build more stuff on top of…bitcoin just doesn’t do that; it has a different use case, so it’s unlikely to be as big,”
In a previous interview with Altcoin Daily, Pal also claimed that ETH’s price could go as high as $10,000.
ETH registers slight price drop
At the time of writing, ETH was trading at $1768.90 per CoinMarketCap, a 0.83% drop from the previous day’s level. The cryptocurrency had a 24-hour trading volume of over $10.35 billion and a live market cap of over $216 billion.
In the last seven days, ETH has gone from a low of $1,573 to a high of $1,842 as it maintained a bullish bias.
On the weekly timeframe, ETH is presently breaking above a prior weekly resistance area at $1,700. It is also edging closer to the next resistance at $1,900.
As a result, many analysts anticipate a short-term rejection to the downside to test the initial resistance at $1,700, which has since turned into support.
During the last bear market, ETH lost more than 75% of its value. But as Raoul Pal predicted, there are many reasons to think it might rebound to and surpass its earlier historical highs.
For instance, the volume of ethereum transactions has been continuously rising since the start of 2023 and is currently at an all-time high.
Due to this activity surge and the burn mechanism activation following the London hard fork, the overall supply of ETH has dropped since the merge.