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Legendary trader Raoul Pal has doubled down on his forecast for the trio of Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).

How high can Bitcoin soar?

In a YouTube chat with Anthony Scaramucci, Raoul Pal noted that he believes the Bitcoin price can end this current cycle with a massive price of $250,000. For reference, the Bitcoin price is actively in discovery mode, and it just recorded another all-time high (ATH) above $71,000 as optimism surrounding the coin remains sustained.

Despite the $250,000 price target, Raoul Pal is not convinced this is the best the digital currency could do. He noted that the valuation could be higher depending on the trend in the spot Bitcoin ETF ecosystem. 

The spot Bitcoin ETF has remained the dominant catalyst driving the price of BTC to new heights. The daily accumulation from spot Bitcoin ETF issuers, including BlackRock, Fidelity Investments, Ark Invest and Bitwise, notably surpassed the amount of BTC generated through mining.

While an average of 5,000 BTC to 10,000 BTC is stacked up daily, only about 900 BTC are generated across the board, creating a notable supply shock that might help drive the price toward the estimated $250,000 in the long term.

Ethereum and Solana get high targets

In addition to the Bitcoin forecast, Raoul Pal projected a $17,000 to $20,000 surge for Ethereum this bull cycle, while he noted that Solana might jump as high as $700 to $1,000.

While the duo of Ethereum and Solana have not retested their respective ATHs at $4,800 and $260 this ongoing bullish run, Raoul Pal has always highlighted their fundamentals as a key catalyst that can drive growth in the long term.

Other analysts have even more bullish projections for Bitcoin as well as Ethereum and Solana, and time will tell how high the three digital currencies will grow this bull cycle.