Former Goldman Sachs executive Raoul Pal has made a bold prediction, stating that the altcoin market cap is on the brink of reaching new all-time highs (ATHs). In a recent video update, the CEO of Real Vision asserted that the digital assets market could experience a “crypto summer” within the next month, during which Ethereum (ETH), Solana (SOL), and other alternative coins (altcoins) could witness significant rallies.

When referring to a “crypto summer,” Pal is alluding to a period characterized by increased prices, higher trading volume, bullish market sentiment, more network development, and wider adoption of cryptocurrencies. He believes that it is normal for Bitcoin to outperform during the “crypto spring” phase, but as the market transitions into “crypto summer,” ETH is likely to outperform Bitcoin. However, Pal doubts that ETH will outperform Solana, as the latter is still in the early stages of adoption, resulting in larger percentage changes.

Pal points to the chart below, which tracks the altcoin market cap excluding Ethereum. He explains that the market experienced a breakout during the “crypto spring,” marked by an acceleration in growth. However, “crypto summer” truly begins when the previous ATH in market cap is surpassed, leading to a frenzy in the market. Pal predicts that in 2024, the altcoin market cap will hit a new ATH, causing the chart to skyrocket.

In addition to the “crypto summer” prediction, Pal anticipates a “crypto fall” similar to the cycles seen in 2013 and 2017, when the market rallied even higher. He mentions that many analysts believe that crypto operates in four-year cycles, dividing them into four seasons to explain the different phases.

According to Pal’s simplified chart of the seasons, summer is the period when significant gains are made. The fall season was challenging during the previous cycle, but Pal believes it will resemble the seasons of 2013 and 2017, which were more typical. However, he acknowledges that the outcome is uncertain, and the current cycle may have different characteristics. Nonetheless, he asserts that the current year is the “easy year,” representing the summer season.

Pal expects “crypto summer” to commence within the next month to month and a half. He describes the period as the “banana zone,” where things become incredibly wild, highlighting why he believes it is the greatest macro trade of all time.

Based on his chart, Pal suggests that Bitcoin could soar to six-figure prices, potentially reaching as high as $300,000 during “crypto summer.”

It’s important to note that the opinions expressed by Raoul Pal are not investment advice, and investors should conduct their own research before engaging in high-risk investments in cryptocurrencies or digital assets. The Daily Hodl, where this article is sourced from, does not recommend buying or selling cryptocurrencies and is not an investment advisor.