Raoul Pal, a former Goldman Sachs executive, gave his latest comments on the market. Pal stated that the negativity in the stock market could negatively affect the Bitcoin and altcoin market in the coming months. Here are the details…
Raoul Pal warned against the Bitcoin and altcoin market
As we have also reported as Kriptokoin.com, Pal, a former manager at Goldman Sachs, one of the largest financial institutions in the world, almost 1 He talks to his million-plus Twitter followers about the relationship between the Nasdaq and the cryptocurrency market. In terms of technical analysis, the index is on the verge of potentially seeing lower lows if critical support is broken, according to Pal. The analyst states that if stocks fail to hold and low levels are made, downside risks are seriously evident.
Pal does not argue that new drops may come for the crypto money markets due to the above reasons. But he warns that current macro conditions imply a major correction is coming, which could also bring digital assets down. Seeing energy stocks, oil commodities in red, is starting to increase the risk of a complete “correlation” of an accelerated panic, according to the analyst. The expert uses the following expressions:
Energy stocks, petroleum commodities, etc. seeing it in red starts to increase the risk of a complete ‘correlation’ of an accelerated panic. The only place to hide will be dollars and possibly bonds (because everyone is short). And yes, crypto also catches up (doesn’t create new lows).
What if cryptocurrencies suffer a correction?
Pal, in a new interview with Real Vision, thinks there will be more noise within an overall changing market structure if the cryptocurrency space comes to the correction phase.
I’m looking for this downside to multiply my holdings in things I want to go in, invest in… Obviously, cryptocurrencies will catch on to this and fall further. But I guess we’re all used to the ups and downs of cryptocurrencies right now. I don’t think the lows will fall further back, so I just think there’s more noise and we’re in that wide, sloppy range we’ve been in last year.
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