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In a recent episode on his Real Vision YouTube channel titled ‘It’s the End of the Pandemic Rally As We Knew It’, Macro Guru Raoul Pal is contributing the recent crypto market slump to various macroeconomic factors and is all but sure that the downward trend is over.
“My view is that markets continue to be volatile for a bit. There’s some more downside to come. If we go back and look at the Nasdaq or Amazon and stuff over that period, we would see these kinds of 20% drawdowns, 15% drawdowns and then the market explodes higher again as the central banks start realizing it can’t raise rates as fast, and then the market does, and then everything stabilizes yet again as things move forward.”
Nevertheless, Pal does believe a bottom in this correction is in sight, after which it will be business as usual. that cryptocurrencies are likely near the bottom of their correction.
“That’s kind of my base hypothesis here. Could we have further downside? Could we be forming a head and shoulders top on the Nasdaq? Could that knock through to Bitcoin? Sure. I’ve said for a while now that Bitcoin’s downside is probably $30,000. I think we’re in the kind of buy zone. I’m certainly looking at adding Ethereum myself here into this area between $2,800 and $2,600.”
A day after the Real Vision talk aired on YouTube, the former Goldman Sachs told his 876,000 Twitter followers that despite the crypto markets having taken a big hit, the underlying technology that drives cryptocurrencies is intact and running smooth.