Macro analyst Raoul Pal said that despite Solana’s recovery to $160, Bitcoin must break through $70,000 to maintain bullish momentum. In the latest rally in the crypto market, altcoins are driving the market higher, with Solana (SOL) emerging as a standout performer. The coin recently broke above $160 and reached a high of $169, indicating strong investor confidence. Meanwhile, Bitcoin (BTC) is steadily approaching $70,000, further fueling optimism across the crypto space. Amid this busy market, Raoul Pal, CEO of Real Vision, noted that specific levels need to be watched before labeling Solana’s recent uptrend as sustainable. Pal focused on Bitcoin’s trends and suggested that the market’s bullish momentum depends on BTC surpassing $70,000 before the “long yellow fruit season.”
Raoul Pal's Caution
Bitcoin has shown significant price volatility over the past few weeks despite an overall upward trend. Initially, BTC dropped below $59,000 on Thursday, October 10, but then recovered and closed the weekend back around $62,000. As the new trading week began, Bitcoin rose to $64,500, maintaining this upward momentum and reaching $66,500 by the end of Monday. On Tuesday, Bitcoin climbed further towards $68,000 but then faced rejection. However, the drop was short-lived as BTC reached $69,000 on Friday but fell back to its current price of $68,985. Despite this ongoing upward trend, Pal remains conservative. He repeatedly stressed that for bullish sentiment to remain intact, Bitcoin needs to break through the critical $70,000 threshold.
Pal's previous observations
This is not the first time Pal has cited $70,000 as a key level for Bitcoin. He previously supported MartyParty’s analysis on X, which was based on Wyckoff’s accumulation model, holding a bullish stance. According to the model, Bitcoin is undergoing a clear phased development, with Phase D representing the last support point before a potential breakout. During this phase, the model shows prices fluctuating between $56,700 and $66,500, a range that coincides with geopolitical events in the Middle East that caused Bitcoin to temporarily pull back. Analysis by MartyParty suggests that with the U.S. elections taking place in November, a rally above $73,777 could materialize, pushing Bitcoin past $80,000. Pal agreed with this analysis, acknowledging that the event could be a potential catalyst for a significant upside. Notably, the recent rate cut announcement by the Federal Reserve boosted crypto market sentiment, further driving prices higher. Following the event, Pal reiterated his long-term bullish view, arguing that Bitcoin’s path remains upward and that short-term volatility is less important in the broader context.
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