The current encryption market reflects the pattern that was seen in 2017 when Bitcoin published fixed upward periods throughout the year before the rise in December.
“It is a frighteningly similar in 2017,” Pal He said In a video on Thursday. Pal said that he started predicting a longer coding course this time, given that the work cycle degree – the macroeconomic model he uses to track where the global economy is in the broader session – “still less than 50” and it takes generally “takes some time to climb.”
Macro data stimulating the extended encryption cycle
Bitcoin (BTCThe year 2017 began trading about $ 1,044 before reaching $ 2,187 by May 31 and closing the year at 14156 dollars, an approximate increase of 1.255 % over its price at the beginning of the year, According to To CoinmarketCap data.
However, Pal speculated that the weak US dollar could indicate that the current encryption cycle is still far from reaching its peak.
“With the collapse of the dollar until today, it began to indicate that this might go to the second quarter of 2026,” he said. Since January 1, the US dollar index (DXY) decreased by 8.99 %, sitting at 98.77 at the time of publication, According to To TradingView Data. Bitcoin and DXY are inversely linked.
When the dollar weakens, BTC becomes more attractive and not just as speculation Investment, but as an alternative currency.
Pal said that the total economy data had been a fundamental catalyst in pushing the encryption cycle to the back.
He said: “It seems as if the entire session has been changed, the cause rates have not been adjusted; the dollar was side by time.”
He also said that the current market conditions may resemble the year 2020 more than 2021, indicating that the market may be in a previous growth stage than many.
The Middle East is “Amnesty International and Blockchain
Bitcoin 2020 started at $ 7,174, but it decreased by 27 % to $ 5,227 by March. Then 129 % flourished to reach $ 11990 in August, and ended in the end of the year at $ 28,993 – an increase of 304 % over its price at the beginning of the year.
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Pal said that the market to continue to expand it needs to continue to attract “the major players.” He narrated his last trip to the Middle East, where he met the sovereign wealth funds and said that most of them had an upward look at the encryption:
“The mandate throughout the entire region, from Saudi to Abu Dhabi to Dubai to Bahrain to Qatar, is artificial intelligence and blocs.”
He added: “Not only using Bitcoin as a backup asset, but also building the entire government infrastructure on Blockchain.”
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