Raoul Pal: Crypto Market Is Repeating 2017 Bull Cycle
New Bull Cycle Could Last Until Mid-2026
Real Vision CEO Raoul Pal said the crypto market is now following a similar pattern to 2017, when Bitcoin rose steadily throughout the year and broke out sharply in December.
Based on macro indicators, Pal believes that this bull run could last until the second quarter of 2026.
On The Journeyman, Pal emphasized: “When global liquidity increases, the crypto market also increases,” arguing that this relationship has become clear through historical data.
Global money flows are the deciding factor, not just price
Joining the program, expert Jamie Coutts shares new analytical models, connecting Bitcoin price to global liquidity and measuring market risk levels.
Coutts notes that investors should pay attention to market behavior, leverage and liquidity structure, rather than relying solely on price predictions. These signals help better assess the true health of the growth cycle.
Middle East accelerates blockchain adoption at national scale
Pal also points out that countries such as the UAE, Saudi Arabia, Qatar and Bahrain are investing heavily in blockchain and artificial intelligence (AI).
According to him, they are not only holding Bitcoin as a reserve asset, but are also building national infrastructure on the blockchain platform, including driver's license and land management systems.
He asserts:
"Crypto is no longer just a speculative asset - it is the foundation of the next generation internet."
Backed by global liquidity and adoption, Pal believes this cycle could be longer and larger than what the market has ever experienced.