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Macro Guru and Real Vision CEO Raoul Pal is confident that crypto markets have bottomed out and can start looking up again.
Talking to his nearly 1 million followers on Twitter, Pal detailed that bearish sentiment might be taking a backseat as macro conditions are looking to improve:
“Crypto – Is the low in? My view is on balance, probably.
I also think the macro turn is very close too. Have bond yields topped? Probably.
Returns since the panic 3AC liquidation:
BTC +24%
ETH +71%
SOL +64%
AVAX +77%
DOT +26%
AAVE +116%
UNISWAP +131%
XRP +29%”
Pal also explained that non-fungible tokens (NFTs) on leading smart contract platform Ethereum are surging again:
“NFTs are rising in ETH volumes and floor prices are rising too for good, trusted projects.
Bottoms in crypto are not usually a straight line higher and there is often a big gut check at some point or sideways range for a few months after an initial recovery.
Let’s see…”
Nevertheless, the former Goldman Sachs executive warned that a strengthening U.S. Dollar could still provide some turmoil and effectively add pressure to on-risk assets like cryptocurrencies:
“Dollar Wrecking Ball
This chart concerns me… $/KRW [South Korean won] With the Yen in free fall, the Yuan will follow over time and the Won is not yet priced for it and is a hugely leveraged economy…
Pal added:
“And the ADXY (Asian currency DXY) is VERY close to breaking down. This has got a global dollar crisis written all over it.
If there is a wild card in all of this economic mess, the dollar is it… on the plus side, it’s HUGELY deflationary if it happens.”
At time of writing, Bitcoin is priced at $22,514 per coin, good for a surge of 12.7% in the last seven days. Ethereum has made huge gains of 44% in the last week and is trading hands at $1,578.80, according to CoinMarketCap data.