Raoul Pal: Bitcoin Supercycle Signals Multiply, $450K Target by End-2026

Macro strategist Raoul Pal warns of a historic Bitcoin supercycle fueled by global liquidity surges, sovereign debt monetization, and a 90% correlation to M2 money supply, projecting $450,000 by end-2026 amid tight supply from MicroStrategy's 818,000 BTC and spot ETFs. This escalates from May 8th's Russell 2000 breakout after a 64-month base—17 months longer than prior cycles—signaling massive liquidity buildup and bull market ignition. Tom Lee affirmed a monthly BTC close above $76,000 ends the bear market, with prices at $79,600 then; ISM PMI offers macro confirmation leading cycles by 4-5 months.