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Macro guru and Real Vision CEO Raoul Pal sees the crypto market coming close to its bottom after a tumultuous week where Bitcoin (BTC) dropped and stayed below $30,000 for most of the time.
Although the prices of crypto assets remain unstable, the former Goldman Sachs executive explains to his nearly one million Twitter followers why the market could be recovering soon:
“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.”
According to Pal, despite the current fear and uncertainty, the volatility of the market works both ways which on the upside can realize massive gains.
While the bear market and recession is scary and difficult at first, opportunities will present itself, Pal added:
“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.”
At time of writing, flagship cryptocurrency Bitcoin is hovering at $29,465, way below its all-time high of a little above $69,000.