Ex-Goldman Sachs Insider Says Bitcoin Could Hit $140,000 on Liquidity

Raoul Pal says Bitcoin is trading at a deep discount to global liquidity and that gaps like this have historically closed violently rather than gradually. If that gap closes, Bitcoin would not grind higher but could snap into a higher range; by Pal’s rough liquidity models, the price would be closer to $140,000.

He points to a potential liquidity inflection point in Q1 2026 as several macro forces converge. Changes to bank regulations, notably adjustments to the Enhanced Supplementary Leverage Ratio, may let banks absorb more government debt; Treasury General Account drawdowns have historically routed liquidity back into markets; a weakening dollar and expanding liquidity from China’s balance sheet further ease conditions.

Pal also follows forward-looking business cycle indicators tied to the ISM, viewing financial conditions as leading the ISM by roughly nine months with global liquidity following.

China

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