Real Vision CEO and macro expert Raoul Pal says he is adding to his crypto positions to get deep discounts in crashing markets.
Pal tells his 955,000 Twitter followers that while things can definitely get worse, over a longer period of time, Bitcoin is approaching a major “buy zone.”
But can things get worse? Absolutely. But for my investment framework, we are in the buy zone… right near the 2 standard deviation [logarithmic] regression channel.
The former Goldman Sachs executive says two indicators strongly suggest a reversal or at least a bottom is near for Bitcoin. It displays the Relative Strength Index (RSI) and the DeMark indicator, which uses a mathematical formula to identify turning points in price.
“With the weekly RSI at 31 and the low at 28, that also suggests that the bottom is a surprising distance away. However, never expect to hit the bottom…
DeMark’s weekly charts suggest the bottom is next week or in the next 5 weeks.”
The macro guru says that while indicators are never a sure thing, he says the odds are now tipping in favor of the bulls. He says that he is preparing to deploy more capital next week and into next month.
“All of these can fail? Of course. Can cryptocurrencies trade sideways for a year or two? Sure, but we’re in the probability game, not the certainty game. I am comfortable with the odds and it fits my frame exactly, just as it did in March 2020.
I am preparing to significantly increase my crypto positions. Probably from next week and until July.”
Pal’s updated outlook adds conviction to his long-term bullish stance on cryptocurrencies. Late last year, she said that she had “irresponsibly long” positions in Ethereum (ETH) that were larger than anything else in her career.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia