Former Goldman Sachs executive Raoul Pal believes that a flood of capital is likely to flow into crypto as the altcoin markets gear up for a potential breakout.
The macro guru tells his 997,100 Twitter followers that he closely monitors TOTAL3, a chart that tracks the total market cap of crypto assets excluding Bitcoin (BTC) and Ethereum (ETH).
According to Pal, TOTAL3 looks bullish as it trades close to the top of a bearish wedge structure, and a breakout could push the total altcoin market cap above $4 trillion.
“Wonderful card warning!
I keep staring at this card…
It’s one of the most bullish and perfect charts I’ve ever seen, and the measured target is over $4 trillion.
Total crypto market cap (ex BTC and ETH).
At the time of writing, TOTAL3 is trading for approximately $332.65 billion. A shift to $4 trillion suggests upside potential of more than 1,100%.
As for the market cap of all crypto assets, Pal thinks it could golf up to $10 trillion.
Late last month, Pal said he expects crypto to be one of the fastest horses likely to outperform all other asset classes as global liquidity increases.
He also said BlackRock’s application for a spot Bitcoin exchange-traded fund could raise new capital in the burgeoning space.
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