Real Vision CEO and macro expert Raoul Pal says he’s adding to his crypto positions to pick up steep discounts in the collapsing markets.
Pal tells his 955,000 Twitter followers that while things can definitely get worse, on a longer timeframe, Bitcoin is approaching a major “buy zone.”
But can things get worse? Absolutely. But for my investment framework, we are in the buy zone…right near the 2 standard deviation [logarithmic] regression channel.
The former Goldman Sachs executive says two indicators are strongly suggesting that a reversal or at least a bottom is near for Bitcoin. He brings up the relative strength index (RSI), and the DeMark indicator, which uses a mathematical formula to identify inflection points in price.
“With the weekly RSI at 31 and the lowest ever at 28, that too suggests the low is within striking distance. Don’t ever expect to nail the low however…
DeMark weekly charts suggest low is next week or in next 5 weeks.”
The macro guru says that even though indicators are never a sure thing, he says the odds are now leaning in favor of the bulls. He says he’s preparing to deploy more capital next week and into next month.
“Can all of these fail? Sure. Can crypto trade sideways for a year or two? Sure, but we are in the probability game, not the certainty game. I am comfortable with the odds and it plays exactly into my framework, just as it did in March 2020.
I am getting ready to add to my crypto positions significantly. Probably starting next week and into July.”
Pal’s updated outlook adds conviction to his long-term bullish stance on crypto. Late last year, he a spus he had “irresponsibly long” positions on Ethereum (ETH) that were bigger than anything else in his career.
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Source: https://dailyhodl.com/2022/06/14/macro-investor-raoul-pal-says-hes-doubling-down-on-crypto-position-in-face-of-market-collapse/