As crypto-asset prices continue to fall, the former Goldman Sachs executive told his 938,900 Twitter followers why he thinks the market may be on the brink of recovery. Successful analyst Raoul Pal gave the following words in his analysis on his Twitter account;
“Crypto is in total panic mode. All investors are blaming each other or me on twitter. This is a sign that we are nearing the bottom. March 2020 was very similar in levels of fear, anger, shock and panic. In June 2021 these events were much less.”
Stating that the crypto market is in a panic environment, Pal states that investors blame everyone on Twitter.
Believing that these events are an indication that we are very close to the bottom, Pal believes that even though we have not reached the bottom level in Bitcoin, the decreases that will come in the coming days will now be a buying opportunity.
Pal says that despite the fear, uncertainty and doubt (FUD) associated with crypto investing, volatility is also why the crypto market has huge profit potential.
Pal explains that while a bear market and recession can seem difficult and scary, big opportunities only come after big crises.
Pal, who does not seem to make a specific prediction about the bottom level of the leading cryptocurrency Bitcoin (BTC), is thought to have an expectation towards the $20,000 support level.
According to data shared by Glassnode, the Canadian Purpose Bitcoin ETF bought 6,900 BTC yesterday, setting a new record. Purpose Bitcoin ETF's one-day purchase record was previously 2,900 BTC. From this purchase, it can be deduced that both the interest in Bitcoin (BTC) on the part of the institutional investor has increased and the bottom levels in Bitcoin (BTC) are evaluated.