Raoul Pal, CEO of Real Vision and cryptocurrency enthusiast, pointed to a formation that indicates a possible "normal and healthy" correction in Bitcoin's chart. However, long-term expectations remain unchanged.
Take a look at his lines:
"After the weekend of FUD (fear, uncertainty and doubt), let's get back to the important stuff. [...] BTC is forming a wedge most likely... Perfectly normal and healthy correction. "
However, he highlights the "wall of money" entering the cryptocurrency market, and expects the approval of a Bitcoin ETF in the United States to be a strong catalyst for the bullish market.
"This is my opinion... The ETF (exchange traded product) is the next rocket fuel for this market. The Money Wall keeps coming, but it takes time for everyone to get internal approvals. I have so many conversations helping hedge funds, family offices and asset managers every week. Everything is just happening. "
Pal pointed out that one of his main bets, Ethereum, is not yet signaling a drop in the ETH/BTC pair.
"And ETH looks even stronger. It doesn't look like the ETH / BTC ratio is ready to fall yet. "
The CEO recently said that he is struggling not to trade all of his Bitcoin for Ethereum. According to him, his current position is 70% in BTC and 30% in ETH.
