Crypto

Raoul Pal Says He May Start Buying Crypto Next Week Amid Market Crash

Raoul Pal, CEO of Global Macro Investor, predicted that the crypto markets will bottom in the next five weeks and said that he could start buying big next week. He compared the current bear market to the violent cryptocurrency crash of 2014 and suggested that the ongoing bloodbath could be a 10x opportunity for investors.

bottom is near

on a twitter thread On Tuesday, Pal said that as a macro investor, he expected global assets to largely recover in 12 to 18 months as “inflation and recession will be in the rearview mirror.” He believes the Fed would lower interest rates, even though commodity prices are likely to rise in the next year and a half.

According to his analysis of bitcoin’s weekly Relative Strength Index (RSI), which is currently at 31, slightly above the ATL at 28, he expected to bottom within the next five weeks. The index is a momentum indicator that looks at how much an asset is overbought or oversold based on the magnitudes of recent price changes.

What crypto potato reported on Monday, the index’s monthly performance had hit its lowest point as the top cryptocurrency dipped below $24k.

Pal stated that he could start buying as early as next week, admitting that it is almost impossible to time the exact bottom. Citing his experience of “being down 82% in 2014 and then 10 times up,” he implied that the current circumstances reminded him of the earlier incident and reiterated his view of cryptocurrencies as a long-term investment rather than a trade.

recession ahead

in a separate thread, elaborated on his earlier prediction that the US is in a pending recession, reiterating that “tightening financial conditions caused by commodities, rates and the dollar” have pushed markets to the brink. of a total collapse. In the short term, he believes the US economy is in trouble.

In his opinion, the ISM, a manufacturing index that measures the monthly change in production levels in the US economy, is expected to slump as overall demand for products has fallen sharply amid a rising inflation. In the mid-1970s, Pal argued, the index fell sharply due to inflation, causing stocks to crash and forcing the Federal Reserve to lower rates. He hinted that the same playbook could happen again.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive) – Use this link to sign up to receive $100 free and 10% off Binance Futures first month fees (terms).

PrimeXBT Special Offer: Use this link to sign up and enter the code POTATO50 to receive up to $7,000 on your deposits.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button