Global macro investor Raoul Pal has stated that the cryptocurrency market is currently in the early stages of expansion. According to Pal, while Bitcoin and Ethereum are trading within key ranges, the broader market momentum has yet to fully develop. He pointed out that altcoins and the total market capitalization have not yet experienced significant breakouts. Pal also discussed the relationship between the ISM Manufacturing Index and Bitcoin cycles, suggesting that the current contraction in manufacturing and increasing tariffs could postpone a major acceleration in the crypto market. This analysis indicates that while the market is poised for growth, external economic factors may influence the timing of a significant uptrend.