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Macro guru Raoul Pal says the crypto market is nearing its bottom amid a downturn that’s seen Bitcoin (BTC) fall below $30,000.
As the prices of crypto assets continue to plummet, the former Goldman Sachs executive his 938,900 Twitter followers why he thinks the market could be on the verge of recovery.
“Crypto is in full panic mode. All the monkeys are flinging poo at each other (or at me!) on Twitter and that is a sign of approaching the lows. March 2020 was very similar in levels of fear, anger, vitriol, shock and panic. June 2021 was less.”
Pal says that despite the fear, uncertainty and doubt (FUD) regarding crypto investment, volatility is also the reason why the market has the potential for massive gains.
If you zoom out from the FUD you get BTC (as a proxy for the space over all) heading back to its long term Exponential Moving Average. Tough times like these are the times to buy, if you have any spare cash (not easy these days). pic.twitter.com/xzS9H6XlH1
— Raoul Pal (@RaoulGMI) May 12, 2022
Pal says that the bear market and recession may seem difficult and scary, but they also give investors huge opportunities.
“Keep Calm and Carry On. Stick to your framework. Relentlessly test your hypothesis and keep an open mind. Filter out the noise and focus. Opportunity comes out of crisis. I’m looking to add to [Ethereum] ETH and getting wildly bullish bonds and am averaging into high-beta growth.”
Pal’s comments come as $746.27 million worth of trader positions in crypto assets were wiped out in the last 24 hours, according to data from cryptocurrency futures trading and information site Coinglass. At time of writing, flagship asset Bitcoin is hovering at $29,510, or less than half its all-time high price of above $69,000.
