Macro guru and former Goldman Sachs executive Raoul Pal says Bitcoin is forming a pattern that could foreshadow a massive rally.
The Real Vision CEO tells his 652,000 followers that Bitcoin is forming a huge descending wedge reminiscent of a pattern that formed from 2017 to 2020. When BTC broke out of the technical formation, it ascended to its all-time high above $64,000.
“The Bitcoin long-term log chart looks pretty luscious. Who knows if the wedge breaks on [the] first attempt but a consolidation pattern of this magnitude usually leads to a very, very powerful upside move.”
Based on Pal’s chart, the macro investing veteran suggests Bitcoin could blast out of its range sometime between now and early next year.
Pal also sees a wedge forming on Ethereum’s Bitcoin pair (ETH/BTC). According to the macro guru, ETH/BTC may break out of its resistance at the top of the wedge and ignite a 100% rally from current levels.
“Talking of luscious charts, the ETH/BTC cross has seen a lovely consolidation and should move to near double from here if and when the wedge breaks.”
The investor’s ETH/BTC forecast falls in line with previous calls on Ethereum being one of the best bets in all of the financial markets. According to Pal, the coming months should be “ridiculous” for the crypto markets, which includes sizeable rallies in ETH/BTC.
“My thesis is based that October, November [and] December are ridiculous. I use a lot of charts for that. [I] start to look at some of the other protocols and tokens are performing versus Ethereum and Bitcoin because we should see a further out on the risk curve still. So we should see over time that Ether/Bitcoin cross. I think that’s got almost up to 0.08 [BTC]. It came down again… 0.07 [BTC]. I think once it goes through 0.08 [BTC] that will be the signal for the next phase in this whole crypto market, which is usually the rewarding phase.”
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Featured Image: Shutterstock/Julia Ardaran