Co-Founder and CEO of Real Vision, Raoul Pal Highlight the current market situation and future outlook for Bitcoin, the world's largest cryptocurrency. Although cryptocurrency It is declining By more than 15%, the financial expert revealed an important pattern that indicates a potential bullish sign after the Bitcoin price correction.
Cryptocurrency expert reveals Bitcoin's “banana zone” rise
In an X (formerly Twitter) post published on Tuesday, April 28, Pal subscriber Annual chart showing Bitcoin price movements from October 2023 to April 2024. At the time of writing, Bitcoin price is trading below the $60,000 levelAt $59,185, recording monthly declines of 15.12% and weekly lows of 11.31%, according to CoinMarketCap.
This was suggested by a cryptographer Bitcoin's recent price correction It was a temporary setback. He expects that once the market fully recovers, what he calls the “banana zone” will begin. He also described the recent declines in Bitcoin prices as a “pause.”
The pause emphasizes the last days of Encryption springThis is a period marked by renewed optimism after bear markets. A major illustration of this phase occurred when Bitcoin has risen to all-time highsExceeding $73,000 in March, after declining from 2022 to 2023.
On the other hand, the banana zone represents a phase characterized by extreme market excitement and… Possibility of significant price increases. However, Pal described this special period as “when the market starts to clear a new large L1 or L2, which even explodes against the SOL.”
The financial expert noted that once the banana zone begins, it may gain momentum towards the end of the year and continue until 2025, potentially reaching the peak of the mania. He also shared a historical pictorial analysis that illustrates his work Bitcoin forecast.
In the chart, Bitcoin price Pal saw the banana zone rise from $1,000 to $5,000 between 2014 and 2016 and from $10,000 to $60,000 between 2019 and 2020. Based on his expectations based on this unique historical pattern, Proposal Bitcoin price movement from 2022 to 2024, starting at $50,000, could rise to a new all-time high of $300,000.
Cryptocurrency summer is the beginning of the altcoin season
Pal has it And he expected That after the Crypto Spring, a new Crypto Season will occur, called “Crypto Summer”. The financial expert confirmed that this period will be the period The beginning of the altcoin seasonhighlighting that it is usually characterized by an intense bubble in the decline of cryptocurrencies.
during Crypto summerPal expects Ethereum to start doing so It outperforms Bitcoin While Solana will accelerate its outperformance of both Bitcoin and… Ethereum. The financial CEO revealed that the summer and fall of cryptocurrencies are often confusing, as cryptocurrencies tend to embrace the narrative and may engage in mainstream euphoria.
Two or more more “bad corrections” due to excessive leverage are expected before the start of the banana zone. In addition, Pal pointed to three or four Cryptocurrencies are set to lead the altcoin seasonwith a particular cryptocurrency emerging as a “big newcomer,” much like Solana It did during the previous cycle alongside Avalanche and Polygon.
BTC crashes below $60,000 support | Source: BTCUSD on Tradingview.com
Featured image of RBK, chart from Tradingview.com
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