Raoul Pal, a market analyst, presents a bullish forecast for Bitcoin, anticipating a target price of $125,000 within the next 12 months, with potential for further ascent to $200,000-$250,000. His analysis is primarily grounded in macroeconomic factors and crypto-specific events. He highlights the significant influence of the global M2 money supply, asserting a 12-week lead in its correlation with Bitcoin's price. Acknowledging a general bearish market sentiment, Pal argues that underlying market strength suggests an impending shift. He integrates observations from a global business cycle indicator, specifically the ISM 5.4-Year SIN Curve, which points towards an economic expansion peaking in 2027. This broader economic upturn is expected to fuel a robust performance across risk assets, including cryptocurrencies, throughout 2024 and 2025. Furthermore, he underscores the upcoming Bitcoin halving event as a pivotal catalyst for significant price appreciation, reinforcing his positive outlook driven by increasing liquidity and institutional engagement.