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Crypto assets are showing signs of bottoming, says macro guru Raoul Pal — here’s why

Macro guru Raoul Pal says the crypto market is nearing its bottom amid a downturn in which Bitcoin (BTC) fell below $30,000.
As crypto asset prices continue to fall, the former Goldman Sachs executive explains to his 938,900 Twitter followers why he believes the market may be on the verge of a recovery.

“Crypto is in full panic mode. All the monkeys are throwing poop at each other (or me!) on Twitter, and that’s a sign they’re nearing rock bottom. March 2020 was very similar in terms of fear, anger, irritation, shock and panic. June 2021 was less.”

Pal says that despite the fear, uncertainty and doubt (FUD) surrounding crypto investing, volatility is also why the market has the potential for massive gains.

Zooming out of the FUD, you can see BTC (representing the entire space) returning to its long-term exponential moving average. Tough times like these are the times when you should buy if you have some spare cash (not easy these days).

our recommendation Crypto assets are showing signs of bottoming, says macro guru Raoul Pal — here’s why, Crypto Trading News

— Raoul Pal (@RaoulGMI) May 12, 2022

Pal says that bear market and recession may seem difficult and frightening, but they also present enormous opportunities for investors.

“Keep Calm and carry on. Stick to your frame. Test your hypothesis relentlessly and keep an open mind. Filter out the noise and focus. Opportunities arise from the crisis. I am looking for a supplement [Ethereum] ETH and get wildly bullish bonds and go into high beta growth on average.”

Pal’s comments come as trader positions in $746.27 million worth of crypto assets have been wiped out over the past 24 hours, according to data from crypto futures trading and information site Coinglass. At the time of writing, flagship Bitcoin is hovering at $29,510, or less than half of its all-time high of over $69,000.
Check the price action

Source: Crypto News Deutsch

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