Raoul Pal Sees Big Breakout Potential – “New Highs Await”

Raoul Pal, Founder and CEO of Real Vision and a leading macro investor, has once again stirred the crypto conversation—this time with a playful yet interesting outlook on Dogecoin (DOGE).

In a May 11 tweet, Pal shared a chart of DOGE/BTC and hinted at a bullish breakout potential, referring to it as "a potential big flag pattern" and suggesting that "new highs await." He also playfully mentioned that he still thinks the "most amusing outcome possible" would be for DOGE to be the hardest currency on earth.

“I still think the most amusing outcome possible would be for DOGE to be the hardest currency on earth. But in all seriousness, a potential big flag pattern on the chart of relative performance of $doge to $btc and new highs await. (Unless they want to go lower than 2017 lows again). Same structure every time.”

The DOGE/BTC chart presented by Pal showcases a pattern of long-term consolidation phases followed by explosive breakouts. According to the image, Dogecoin has historically formed descending flag patterns before surging to new highs—first in 2017, and again in early 2021. After losing ground to Bitcoin in 2023, DOGE/BTC seems to be staging a recovery, potentially setting the stage for another breakout.

Pal's attention to Dogecoin is interesting given the asset's history as a meme token. However, its resilience through multiple market cycles makes it a curious case. With Elon Musk's continued endorsement, high community engagement, and potential use cases on the horizon, DOGE remains a wildcard in the broader crypto market.

Pal's analysis adds a layer of credibility to what many still consider a joke coin. If DOGE breaks out of its flag pattern, as the chart suggests, it could see renewed momentum and potentially challenge its previous highs against BTC.

In a world full of surprises, Pal's tongue-in-cheek prediction might not be far from reality. While traders and analysts discuss technicals and fundamentals, history has shown that market sentiment and pattern recognition can drive surprising outcomes. Whether or not DOGE will become the “hardest currency on earth,” it’s certainly back on the radar.