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Former Goldman Sachs Executive and the Macro guru Raoul Pal explains how bitcoin is making a coordinated pattern leading to an imminent huge runup.
Furthermore, The Real Vision CEO, Raoul explains this to his 652,000 followers that Bitcoin. Meanwhile, he calls it a “huge descending wedge reminiscent pattern” forming from way back in 2017 till 2020, now. More so, When BTC hits through that technical formation it brought the asset to its all-time high above $64,000.
“The Bitcoin long-term log chart looks pretty luscious. Who knows if the wedge breaks on [the] first attempt…” “…but a consolidation pattern of this magnitude usually leads to a very, very powerful upside move.”
Raoul explaining from his chart, shows how Bitcoin is en route and ready for a massive rally ranging from now and early next year. This is according to the macro investing veteran.
Also, not just on bitcoin, Raoul also sees a wedge forming on Ethereum’s Bitcoin pair (ETH/BTC). He reveals while highlighting that ETH/BTC may see breakout from its resistance at the top of the wedge and set up a 100% rally from current levels.
“Talking of luscious charts, the ETH/BTC cross has seen a lovely consolidation…” “…and should move to near double from here if and when the wedge breaks.”
More so, according to ETH/BTC forecast by Raoul, it falls in line with previous calls on Ethereum. Of course, as one of the best bets in all of the financial markets. According to Raoul, describing the coming months as “ridiculous” for the crypto markets, noting a massive rally and new spike level in ETH/BTC.
“My thesis is based that October, November [and] December are ridiculous…” “…I use a lot of charts for that. [I] start to look at some of the other protocols and tokens are performing versus Ethereum and Bitcoin…” “…because we should see a further out on the risk curve still. So we should see over time that Ether/Bitcoin cross…”
“…I think that’s got almost up to 0.08 [BTC]. It came down again… 0.07 [BTC]…” “…I think once it goes through 0.08 [BTC] that will be the signal for the next phase in this whole crypto market, which is usually the rewarding phase.”