Raoul Pal, CEO and founder of financial media Real Vision, predicted that Bitcoin will bottom in the next five weeks, and even threatened that he would start bottom-hunting as soon as next week and buy cryptocurrencies. In addition, he compared the current bear market to the crypto winter of 2014, while suggesting that the latest market carnage could be a good opportunity for investors to profit 10 times in the future if the timing is right.
Raoul Pal was a hedge fund manager at Goldman Sachs in the past, earning enough to retire at 36. In recent years, he has repeatedly published financial disaster predictions, which have been fulfilled many times. Among them, the most well-known one is that he accurately predicted the 2008 financial turmoil, so he was called Mr. Disaster by foreign media.
As the inflation situation becomes more severe and the economic recession is gradually approaching, Raoul Pal tweeted a few days ago that, as a macro investor, he expects that in response to soaring inflation and rising prices, the Federal Reserve (Fed) ) will cut interest rates again next year and the year after, which is expected to substantially recover global assets within 12 to 18 months.
According to an analysis of Bitcoin’s weekly Relative Strength Index (RSI) by Raoul Pal, which is currently at 31 and the lowest level at 28, he expects Bitcoin to bottom in the next five weeks.
The RSI is a momentum indicator that analyzes how overbought or oversold an asset is based on the magnitude of recent price changes.
Raoul Pal also mentioned that he may start buying cryptocurrencies next week and admitted that it is almost impossible to determine exactly when the market bottoms.
Raoul Pal continued that the current market situation reminded him of Bitcoin’s 82% decline in 2014 and then a 10-fold increase, which also made him more convinced that cryptocurrencies are a long-term investment and are not suitable for use Come to short-term frequent buying and selling.
It is foreseeable that the ASIC mining machine industry will also usher in a reshuffle, and new industry giants will emerge in this wave.
Post time: Aug-02-2022