Macro investor Raoul Pal has projected that Bitcoin will reach its next peak in the second quarter of 2026, as the market cycle extends from four to five years. Pal attributes this shift to a structural extension in global debt maturity, which has prolonged the business cycle. He highlights that liquidity is the primary driver of Bitcoin's value changes, accounting for 90% of its fluctuations. Pal notes that while high interest rates have delayed economic growth, the ongoing expansion of liquidity is expected to sustain cryptocurrency momentum into 2026. This prediction underscores the influence of macroeconomic factors on Bitcoin's market dynamics.