Recently, macro investor and Real Vision CEO Raoul Pal said that the next crypto bull market may begin in the second quarter of 2024, when the Bitcoin (BTC) halving will occur. Despite the hype surrounding the halving, macro factors will play a leading role in triggering the next uptrend.

According to Pal, the Bitcoin halving cycle coincides with the macro cycle, meaning that each halving so far has occurred in a similar macroeconomic environment: monetary expansion and low interest rates. Key catalysts supporting cryptocurrencies next year include interest rate cuts from central banks and potential fiscal stimulus ahead of the U.S. presidential election.

Still, judging from past performance, Bitcoin could double or triple its latest all-time high, Pal believes. However, he is cautious about price targets because forecasts are often inaccurate.