While BTC and altcoins are yet to rebound strongly, the renowned investment strategist and economic historian Raoul Pal noted in a recently published newsletter that macroeconomic factors, such as the total money supply (Global M2) across the world, are becoming positive. 

According to him, recent developments including the growth in Chinese credit, the easing of bank balance sheet constraints, the Fed pause as well as the fiscal stimulus all indicate that the Global M2 will start to rise, and in turn lead to a liquidity boom in the crypto market. 

“We’re on the precipice of a major turning point… the bears will soon go into hiding and the bulls will return to resume the uptrend they left behind not so long ago. Assets are driven by liquidity. When liquidity goes up, so do assets,” he wrote.