Former Goldman Sachs executive and current Real Vision CEO Raoul Pal believes the Bitcoin correction could last for two more weeks.
In a new tweet, the macro guru tells his 417,900 followers that the leading cryptocurrency is trading inside a corrective pattern.
“BTC – Feels like yet another wedge…”
According to Pal’s chart, Bitcoin might potentially lose over 17% from its current value of $48,689 as it is poised to revisit support around $40,000. The Real Vision head offers one simple explanation for his gloomy BTC forecast.
“And that fits with the seasonals for first 2 to 3 weeks of March. Tax season has an impact.”
While Pal is short-term bearish on BTC, he still maintains his rosy long-term outlook on the leading cryptocurrency as he believes it will eventually “moon.”
“The time to be optimistic is in corrections, not on the way up, that is hubris.”
When asked if he is adding to his crypto portfolio, Pal says that he’s out of dry powder.
“No cash left but if I did, I would.”
In December, the Bitcoin bull sold his entire gold holdings to place a huge percentage of his liquid net portfolio into Bitcoin and Ethereum. A month later, Pal revealed that he’s allocating 5% of his portfolio to smaller cap crypto assets, which he refuses to name publicly.
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