Financial economist and CEO of Real Vision, Raoul Pal, has shared his outlook on when Bitcoin (BTC) could reach a peak in this cycle. Despite recent market headwinds and fluctuating prices, he remains strongly bullish on BTC’s long-term prospects. While many analysts warn of deeper price corrections based on the traditional four-year cycle theory, Pal challenges this view. He argued that Bitcoin is currently in a five-year supercycle and could be positioning for a move toward a new all-time high.
Pal Reveals When Bitcoin Could Hit A Peak
Lately, the crypto market has been in a fierce downturn, with Bitcoin showing renewed signs of weakness after its price slipped slightly below $69,000 again. Although many analysts believe Bitcoin is currently in a cyclical bear market, recent commentary from Pal suggests the cryptocurrency’s bull cycle may still be in play.
Notably, market analyst Crypto Tice shared a video of Pal on X, where the Real Vision CEO explained why he believes Bitcoin could still climb to a new all-time high during this cycle. Pal emphasized that the Bitcoin top is not yet in, projecting that the flagship cryptocurrency could hit its ultimate cycle peak in the second quarter of 2026.
Earlier, in October 2025, Bitcoin surged to a peak above $126,000, driven by many bullish factors, including strong demand for Spot Bitcoin ETFs and heightened market enthusiasm. However, since reaching that milestone, the cryptocurrency has trended downward, as heavy liquidations, market manipulation, and selling pressure crushed expectations of higher highs.
According to Pal, BTC could still stage another rally to a new peak because the cryptocurrency’s current bull cycle has been extended to a five-year supercycle. Unlike the four-year cycle theory, which holds that a bear phase typically resets the market and lays the foundation for a new bull cycle, Pal’s argument suggests that BTC’s true bear market may not have begun yet. This leaves room for the cryptocurrency to resume its previous uptrend and target new all-time highs.
To support his thesis, Pal pointed to Bitcoin’s price behavior, noting that it appears to be tracking the global business cycle. He explained that this cycle has been prolonged due to reduced liquidity across the financial system. Because of this extension, the Real Vision CEO maintains that BTC’s bull market is not yet over.
BTC Price Projected To Reach $140,000
In a recent post on X, market expert Merlijn The Trader referenced a video featuring Pal, in which the Real Vision CEO explained that Bitcoin is currently trading at a discount due to tight liquidity conditions across the market. Based on this outlook, Pal forecasted that BTC could climb to at least $140,000, establishing a new peak.
At the time of writing, BTC is trading above $68,500, meaning a surge to this bull target would represent a more than 100% increase. Moreover, when measured against its current October ATH, such an advance would reflect a gain of over 10%.
