Late-Cycle Playbook: What Michael Howell’s Liquidity Cycle and Raoul Pal’s “Banana Zone” Mean for Crypto Now

Late-Cycle Playbook: What Michael Howell’s Liquidity Cycle and Raoul Pal’s “Banana Zone” Mean for Crypto Now

Late-Cycle Playbook: What Michael Howell’s Liquidity Cycle and Raoul Pal’s “Banana Zone” Mean for Crypto Now Global liquidity has been rising since late-2022 and—by several cycle frameworks—looks late-stage but not peaked yet. Michael Howell’s work flags a 5–6-year...