Bitcoin supercycle odds rise in 2026 amid debt monetization and historic capex boom, says Raoul Pal.

Macro strategist Raoul Pal predicts a higher likelihood of a bitcoin supercycle in 2026, driven by global debt monetization, a historic surge in capital expenditure, and changes in government debt management. He highlights bitcoin's strong correlation with global money supply (M2), suggesting significant price gains if central banks inject liquidity as expected. Pal sets a potential bitcoin price target of $450,000, viewing current prices near $81,000 as a buying opportunity amid these macroeconomic trends. This outlook hinges on continued liquidity expansion and sovereign debt dynamics, making the supercycle thesis increasingly credible.