Macroeconomics expert Raoul Pal commented on the recent drop in the leading cryptocurrency Bitcoin. He answered the question of whether there will be a bottom or a rise.
Bitcoin and other cryptos fell sharply on Friday, following the recovery trend seen in the cryptocurrency market since the mid-June low. But former Goldman Sachs executive and macroeconomics Raoul Pal isn't too worried about this weakness.
"I Don't Expect New Bottoms In Bitcoin But..."
Pal presented his forecast for the next period as follows:
"I don't expect new lows, but I expect a quick test drop, most likely."
As it is known, Ethereum will witness the Merge event, one of the most important updates in its history, on September 15. This means combining Ethereum's existing execution layer with the new Proof of Stake consensus layer, which will eliminate the need for energy-intensive mining.
Pal recently said that Ethereum remains "the safest, easiest asset" and expects a demand shock for crypto. He thinks demand from institutional investors will increase.
Pal said that if all cryptos reach new lows, he will continue to invest additionally. Pal thinks the Two-year risk/reward has become “really attractive.”
However, the drop in Bitcoin and other crypto assets on Friday is thought to be related to the release of the minutes of the FED's July meetings.
Bitcoin (BTC) Price Latest Situation
Bitcoin price was recorded as $21.406 at the time of writing, according to CoinGecko data, while the last 24-hour trading volume of the leading crypto Bitcoin (BTC) was $22.352.765.147. Bitcoin (BTC) price is up 1.0% in the last 24 hours. There is a circulating supply of 19 Million Bitcoin (BTC) coins, with a total supply of 21 Million Bitcoins (BTC). Binance is currently the most active market for Bitcoin (BTC) trading.