Why Markets Could Be Ready To Move | With Julien Bittel

Raoul Pal and GMI Head of Macro Research Julien Bittel are back with another unlocked episode of Shooting the Shit. In this conversation, Raoul and Julien break down where we are in the business cycle, why the yield curve may be the key macro signal to watch, and how liquidity, the dollar, gold, oil, and crypto are shaping the path forward. They also discuss why markets feel stuck in a choppy accumulation phase, what their indicators are suggesting about the second half of the year, and where they’re starting to spot new opportunities across crypto, technology, AI, space, and emerging markets. Recorded on July 27, 2026

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Timestamps:

00:00 - Welcome to Raoul Pal The Journey Man

02:17 - Gold, the Yield Curve, and Why H2 Could Change Everything

06:04 - The Bull Steepener That Could Unlock the Next Rally

08:46 - Why Inflation Is No Longer the Fed's Biggest Problem

11:04 - Bitcoin's Technical Setup Looks Increasingly Bullish

13:03 - Solana, Stablecoins, and Crypto's Quiet Strength

16:25 - Liquidity, the Nasdaq, and What's Holding Markets Back

19:13 - Why Crypto Is Waiting for the Next Liquidity Wave