Raoul Pal – CEO of Global Macro Investor – predicted the bottom in the crypto markets will be in within the next five weeks, saying he may start buying heavily as early as next week. He compared the current bear market to the violent crypto plunge in 2014 while suggesting that the ongoing bloodbath could be a 10x opportunity for investors.
According to his analysis of bitcoin’s weekly Relative Strength Index , which currently sits at 31, slightly above the ATL at 28, he expected the bottom to come in within the next five weeks. The index is a momentum indicator that analyzes how much an asset is overbought or oversold based on the magnitudes of recent price changes.on Monday, the index’s monthly performance had reached its lowest point ever when the primary cryptocurrency dipped below $24k.
Pal claimed he might start shopping next week, admitting that timing the exact bottom is nearly impossible. Citing his experience of “having worn an 82% drawdown in 2014 and then 10x upside after,” he implied that the current circumstances reminded him of the previous incident and reiterated his view of crypto as a long-term investment rather than a trade.
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