Analyst Predicts a Jump to $300,000 for Bitcoin By October 2021

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According to Raoul Pal’s Global Macro Investor Report, Bitcoin (BTC) will likely grow by 10x from its current market capitalization by October 2021.

Raoul’s GMI model utilizes Metcalfe Value to make forecasts and currently proposes that the benchmark cryptocurrency is significantly undervalued.

GMI’s model uses Metcalfe Value to make the prediction and currently suggests the cryptocurrency is severely undervalued.

Raoul Pal, who has amassed decades of global macro investing experience, has always been vocal about the possible prospects of Bitcoin, even before the 2020 boom.

The valuation of the cryptocurrency has only grown significantly since then, and the GMI Report proposes that things are just “warming up” for Bitcoin.

At the moment, BTC is trading significantly below its Metcalfe Value. Past instances of Bitcoin bull markets have always seen the cryptocurrency trading above the Metcalfe Value. That said, an overtake of the Metcalfe Value, in the coming months, should be the primary cryptocurrency to $300,000 per BTC by October 2021.

The GMI project aligns with several other predictions from other analysts and firms.

However, considering that the Metcalfe Value tends to significantly underestimate the ceiling of BTC bull runs, the proposed $300k rally might also be an understatement, and the real price rally could reach $1 million, which means that investing in BTC in the next eight months a possibly once-in-a-lifetime opportunity.

Key BTC Levels to Watch — January 31

Bitcoin is currently reeling from the recent bull run to the $38,500 level and has corrected to the $32k area once again. The cryptocurrency is now faced with avoiding a fall below the strong downward-facing trendline at $32k.

A successful defense of this trendline in the coming hours and days could help BTC rebound to the $38k area. On the flip side, a sustained fall below this line will pit Bitcoin against the $30k psychological support once again.

Meanwhile, our key resistance levels are at $34,100, $35,000, and $36,000. While our key support levels are at $32,000, $31,000 and $30,000.

Total Market Capitalization: $974 billion

Bitcoin Market Capitalization: $610 billion

Bitcoin Dominance: 62.6%

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