Ex-Goldman Sachs Executive Says Bitcoin And Crypto Bottom Are Already Here, Predicts Big Shift In Macro Backdrop

Former Goldman Sachs executive Raoul Pal believes the bottom has been reached for Bitcoin (BTC), Ethereum (ETH) and the broader crypto markets.

The CEO of Real Vision says in a new YouTube video that traders and investors should look 12-18 months ahead as asset markets tend to price the future.

“Right now we can hear people saying on Twitter, ‘We’re going into a recession. It is clear that there will be another drop in equities because they have to take into account the recession. This assumes that everything is working in real time. But this is not the case.

– Advertising –

So when I look at the NASDAQ year-over-year rates of change and compare it to the ISM index, which is my guide to the business cycle… This suggests that the NASDAQ values ​​the ISM at around 40 ISM 40 is in a relatively deep recession. The ISM at 47 is generally a recessionary level. And 40 is something in the order of magnitude of negative GDP growth of 2%. So it’s already included in the price.

The ISM manufacturing index is considered an indicator of the health of the US economy. It currently sits at 52.8 as of September 1, according to Investing.com.

Pal also thinks inflation is likely to turn negative over the next 18 months, which he says is good news for risky assets like crypto.

“If we look at 12 months, the recession is behind us, rates are lower and inflation is low. So this is a very good result for risk assets and crypto. The crypto bottomed out in June. We had the retest. Bitcoin had a retest just two days ago, and I think that was the retest.

My DeMark indicators, which I mainly use for my technical analysis, gave me this signal. ETH had a much stronger signal in June.

I think the markets are looking to the future. I think the sentiment is extremely bearish, and we are heading for a potential shift in the macro.

Traders use the DeMark indicator to spot possible trend reversals.

Bitcoin is trading at $22,191 at the time of writing. Ethereum is trading at $1,692.


Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox

Check Price Action

follow us on TwitterFacebook and Telegram

Surf the Daily Hodl Mix

Check the latest news headlines


Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured image: Shutterstock/Panuwatccn/Vandathai

We wish to give thanks to the author of this short article for this awesome content

Ex-Goldman Sachs Executive Says Bitcoin And Crypto Bottom Are Already Here, Predicts Big Shift In Macro Backdrop

Discover our social media profiles as well as other pages related to it.https://metfabtech.com/related-pages/