Raoul Pal says #
Bitcoin# should be $160K right now.
Not as a prediction. As a gap.
His argument: global liquidity has already expanded, and Bitcoin historically lags that expansion by 10–12 weeks. The liquidity is here. The price hasn't caught up.
Two ways to read that.
Either the model is broken this cycle, or the market is simply late.
I don't know which. But I know which one the market is currently pricing in, and it's not the one that makes everyone nervous.