Economy Enters Into Recovery Phase: Will Cryptos Pump Soon?

• Raoul Pal speculated that BTC and ETH ETFs could still get approved before the end of this year.
• The co-founder stated that delays in ETF approvals stem from the fact that many ETFs are missing a key CME component.
• Pal also predicted that institutional investors may be very active in the next cryptocurrency market cycle.

Raoul Pal, the co-founder and CEO of Real Vision, predicted that Bitcoin (BTC) and Ethereum (ETH) Spot exchange-traded funds (ETFs) could be approved as early as Q4 this year. In an interview with Coin Bureau Clips, he also mentioned that the global economy is busy slowing down, and may continue to do so for the next 2 quarters.

Pal revealed that current Spot ETF applications getting rejected has nothing to do with Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), having a personal vendetta against the cryptocurrency market. Instead, he believes that almost all ETF applications are being delayed because they are missing a vital CME regulatory component.

Nevertheless, Pal did not rule out the possibility of cryptocurrency-related ETF applications getting approved towards the end of this year. He did, however, add that he is more confident of the ETF applications receiving approval towards the middle of 2024 and the beginning of 2025, a period in which he speculated the next bull cycle may be in full swing.

The CEO of Real Vision then expressed his belief that the economy has been in a recession over the past few months, and attributed the cryptocurrency market’s vigilance during this period to the market already pricing in this recession. In the interview, Pal speculated that the market is currently in the process of entering a recovery phase.

Subsequently, he predicts that macroeconomic data could reveal that the global economy is in, or entering, a recession. Despite this, he anticipates that institutional traders and funds may begin to trade the markets as if they were entering into a recovery phase.

This may then lead to more liquidity entering the cryptocurrency market, as people will have more money to spend on riskier asset classes, namely cryptocurrencies.  He also predicted that there will be a substantial amount of involvement from institutions in the cryptocurrency space in the next cycle, which could elevate cryptocurrency prices to new all-time highs.