According to CoinMeta, Raoul Pal indicates that Bitcoin should currently be at $160,000. This is not a prediction, but rather a gap between the current price and what is expected. He believes that global liquidity has expanded, and historically, Bitcoin has lagged behind this expansion by 10 to 12 weeks. The liquidity is already in place, but the price has not yet caught up. He points out that there are two possible interpretations: either the model is ineffective for this cycle, or the market is simply reacting slowly. He is not sure which scenario is more accurate, but he knows that the current market pricing is not something that would cause concern.