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Macro guru and former Goldman Sachs executive Raoul Pal says Bitcoin forms a pattern that could foreshadow a massive rally.
The CEO of Real Vision tells his 652,000 subscribers that Bitcoin forms a huge falling wedge reminiscent of a pattern that formed from 2017 to 2020. When BTC broke away from technical training, it hit its all-time high in the world. over $ 64,000.
“The Bitcoin long-term log chart looks pretty succulent. Who knows if the wedge breaks on [the] first attempt, but a pattern of consolidation of this magnitude usually leads to a very, very powerful bullish move. “
Based on Pal’s chart, the macro investing veteran suggests Bitcoin could break out of its range by early next year.
Pal is also seeing a coin forming on Ethereum’s Bitcoin pair (ETH / BTC). According to the macro guru, ETH / BTC could break out of its resistance at the top of the corner and trigger a 100% rally from current levels.
“Speaking of succulent charts, the ETH / BTC cross has seen some nice consolidation and should almost double from here if and when the wedge breaks.”
The investor’s ETH / BTC forecast is in line with previous calls that Ethereum is one of the best bets in any financial market. According to Pal, the coming months are set to be “ridiculous” for the crypto markets, which include large rallies in ETH / BTC.
“My thesis is based on the fact that October, November [and] December is ridiculous. I use a lot of graphics for this. [I] start looking at some of the other protocols and tokens that are performing well compared to Ethereum and Bitcoin, as we should still be looking a little further down the risk curve. We should therefore see over time that Ether / Bitcoin intersect. I think it’s almost up to 0.08 [BTC]. He came back down… 0.07 [BTC]. I think once it goes through 0.08 [BTC] this will be the signal for the next phase of this whole crypto market, which is usually the rewarding phase. “
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Featured Image: Shutterstock / Julia Ardaran
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