Global Macro Investor founder Raoul Pal said on Friday that crypto’s drawdown was a “mid-cycle fall and not a full cycle,” and that the market’s biggest move would come later this decade, when AI agents push the economy into an “economic singularity” around 2030.

In an interview on the Crypto Insider podcast, Pal explained that the current setup resembled 2019 and 2020, when Bitcoin traded flat for months before the rally that took it to record highs in 2021, trading above $65,000 in November of the year.

He said the four-year cycle fooled people. Traders waited for one last dip that did not come, and the buying since has come from those who missed it. He added one caution, however. A quick leverage flush still has to happen before the…