Bitcoin is moving, according to billionaire Raoul Pal. in a great bullish pattern

Former Goldman Sachs manager Raoul Pal says Bitcoin is forming a pattern that could herald a major rally.

He told his 652,000 followers that Bitcoin forms a descending wedge reminiscent of the pattern that formed from 2017 to 2020.

“Bitcoin’s long-term log chart looks pretty good. While it is impossible to accurately predict the breakout direction, a large consolidation pattern after an uptrend often leads to a very, very strong upward move. “

The source: Raoul Pal / Twitter

Based on the chart, he believes Bitcoin could break out of the pattern sometime between now and early next year.

Pal also sees a wedge forming in the Bitcoin pair of Ethereum (ETH / BTC). According to the macro expert, ETH / BTC could break the wedge and trigger a 100% rally from the current price.

“Speaking of fascinating charts: The ETH / BTC pair is also experiencing a major consolidation here. The price will almost double from here if it breaks the pattern. “

The source: Raoul Pal / Twitter

His ETH / BTC forecast is in line with these Call previously that Ethereum is one of the best bets in the financial market. According to Pal, the coming months will be very good for the crypto market, including a big rally in ETH / BTC.

“I think October, November [và] December are great months for crypto. I use a lot of diagrams to demonstrate this. [Tôi] Let’s look at some currency pairs on Bitcoin as we will have a better look at the risk curve. I see ETH / BTC preparing for a big step. It advances to 0.08 [BTC] then fell to 0.07. return [BTC]. I guess as soon as it exceeds 0.08 [BTC], that will be the signal for the next bull phase of the market. “

You can see the coin prices here.

We invite you to join our Telegram for faster news: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Dailyhodl

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page