Raoul Pal Predicts Stock Market Bottom, Updates Outlook on Bitcoin and Ethereum
Former Goldman Sachs executive Raoul Pal believes that the stock market is on the verge of forming a bottom, following three weeks of corrective moves. In a blog post, he suggests that the S&P 500 will enter oversold territory soon, attracting institutional buyers and establishing a market bottom. Pal also weighs in on Bitcoin, stating that indicators like the DeMark sequential indicator and the relative strength index (RSI) suggest a bullish reversal for the cryptocurrency. He notes that Bitcoin has retested key support levels and triggered a new DeMark daily 9 setup, signaling a possible price reversal. Pal also mentions that Ethereum is showing bullishness on the RSI indicator and may have formed a large bull flag pattern.
Key points:
– Stock market expected to form a bottom soon
– S&P 500 likely to enter oversold territory
– Bitcoin indicators suggest a bullish reversal
– Ethereum shows bullishness on the RSI indicator and may have formed a bull flag pattern
Hot Take
Raoul Pal’s predictions indicate potential opportunities in the stock market and cryptocurrencies like Bitcoin and Ethereum. If his analysis proves accurate, it could be a favorable time for investors to enter the market or consider buying the dip. However, it’s important to conduct further research and analysis before making any investment decisions.
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