Macro investor Raoul Pal asserts that a potential drop in Bitcoin's price to $60,000 would not signify the onset of a bear market. Pal emphasizes that global liquidity remains a key driver, with expanding liquidity in major economies like the U.S. and China supporting risk assets such as Bitcoin. He describes a potential decline from $126,000 to $60,000 as a "nasty correction in a bull market," rather than a market reversal. Pal highlights that Bitcoin has historically experienced multiple 50% corrections during bull cycles, which are often followed by strong recoveries. He notes that altcoins typically suffer larger drawdowns during Bitcoin corrections, citing Solana's 80% drop in 2021 as an example. Despite the slower pace of the current correction, Pal believes it could lead to a more sustainable bull market, provided global liquidity continues to improve.