Real Vision CEO said that normally that would mean we would raise again to the top
One amongst the prominent crypto investors and former executives at Goldman Sachs, Raoul Pal, believes that the top cryptocurrency, Bitcoin (BTC), is trading as following a pattern that indicates that the Bitcoin bulls are preparing to take over the whole crypto asset market. In his recent video, the CEO of Real Vision said that bitcoin is gradually moving toward making a wedge pattern formation, which is a technical formation that signals bullish momentum for upcoming times.
According to the macro strategy expert, bitcoin (BTC) has just hit bottom after a long time. He said that normally that would mean we would raise again to the top, and he said that he would like to see the three touches of the bottom generally. He said they would also touch it again towards the upside generally and pull it back into the range, and later they will go.
Paul further said that this was exactly the similar kind of pattern that was seen in March 2020. He also said that they are at the top positions of the range, and they want a straight shot return back into the middle of this range; that would be a sort of bicycle. Therefore it does not mean that they are going to straight-up go inline from here; however, he said that probably it would go sign up and maybe thought the channel’s top, so maybe there are possibilities of bitcoin (BTC) to touch the $35,000 and later come back somewhere down. So, he is thinking for now, whether it comes back to somewhere in the middle or at the low, and that would be taken as the final signal.
As far as the top cryptocurrency, bitcoin, is concerned, it’s currently trading at about $29,885, with a drop of about 2.4% in the last 24 hours till the time of writing. Pal also talked about ethereum (ETH) while sharing a chart that showcased the leading platforms consisting of smart contracts respecting the support of the diagonal of a descending channel.
He also said that there is ethereum, which would be on the log chart. Again the usual chart of smart contract blockchain’s native token looks dramatic even with all the drama simultaneously with the raising of interest rate to 8.5%, the Russia-Ukraine war, busting of LUNA tokens. It still did not come to the lowest point that is seen in 2020. Currently, Ethereum is trading at about $2,033 at the time of writing.
Source: https://www.thecoinrepublic.com/2022/05/18/is-bitcoin-btc-forming-a-significant-technical-pattern-as-former-goldman-sachs-ex-raoul-pal-says/