The crypto market has a lot of people freaking out these days amidst the massive collapse that we have all been seeing. Check out the latest reports below.
It’s been revealed that the Real Vision CEO and macro expert Raoul Pal said that he’s adding to his crypto positions to pick up steep discounts in the collapsing markets.
Pal made sure to highlight the fact 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.”
As the online publication the Daily Hodl notes, he also says two indicators are strongly suggesting that a reversal or at least a bottom is near for Bitcoin.
Important BTC indicators
He also talked about 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.”
Pal also said 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.”
He also said:
“I am getting ready to add to my crypto positions significantly. Probably starting next week and into July.”
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $20,190.