Renowned Macro Analyst Raoul Pal Foresees Imminent Stock Market Bottom, Revises Bitcoin and Ethereum Perspectives
Former Goldman Sachs executive Raoul Pal is foreseeing an upcoming stock market bottom after observing consecutive weeks of corrective movements.
In his recent blog post, the macro expert anticipates the S&P 500 (SPX) entering oversold territory in the coming week, predicting institutional buyers will seize the opportunity to establish a market floor. Pal notes that this correction could prompt big banks to cover their underwater shorts and switch to long positions, potentially limiting the extent of equity declines. On the cryptocurrency front, Pal analyzes Bitcoin (BTC) which recently dropped in tandem with equities.
He highlights the DeMark sequential indicator and relative strength index (RSI), both indicating a potential bullish reversal for Bitcoin. Additionally, he mentions Ethereum (ETH), noting its oversold RSI status and suggesting the formation of a bullish bull flag pattern. At the time of writing, Bitcoin is reflecting a 0.3% decrease over the past 24 hours.
Clever Robot News Desk 23th August 2023