Raoul Pal Sings Ethereum's Praises
As crypto bounces off its recent lows, bitcoin hits significant “oversold” levels and Ethereum fundamental network upgrades roll out, experts are expecting bullish performance from here. Raoul Pal weighs in on what the emerging crypto trend is, as he begins to be just as vocal about Ethereum as he is Bitcoin. Let jump in…
In the last week, Raoul Pal has been putting out some gems on Twitter, explaining his view on where the market looks to be heading with Ethereum and Bitcoin. We hold Raoul’s opinion in high regard so let's have a look at what he has been saying…
“To be brutally honest, I stare at the chart of ETH/BTC and I see an enormous rounded bottom with potentially huge breakout just above....”
“When you price anything up in DeFi, NFT, community tokens or even metaverse worlds, everything is basically priced in ETH, including designers time etc. ETH is rapidly becoming the currency of the digital world and BTC is the pristine collateral and base layer.”
“The ETH space is growing at 100% YoY (vs 50% YOY for BTC) and it is attracting a massive proportion of the developer talent and applications too.”
“At this point in the risk cycle and with ETH 2.0 coming (cheaper fees and less supply), I'm struggling to not sell all my BTC to move my entire core position to ETH. To be clear - I'm a massive BTC bull, but I think ETH is the better asset allocation for performance right now.”
“Again, this is no attack on the SoV properties etc of BTC but overtime, ETH has outperformed since inception, which is a non-deniable fact and soon it will probably surpass its ATH vs BTC too.”
Raoul also shared this chart showing that Bitcoin is currently as oversold as it was back in March 2020 – when global markets fell because of worldwide lockdowns. Since March 2020, Bitcoin has risen over 1,100%.
“The weekly RSI is close to the levels that we saw in corrections in the first part of the 2017 bull run, before bitcoin hit hyperspace. These are the pauses that refresh a bull market.”
“ETH might have a tad further to go, either in time or price...”
“But we are closer to the end of this move than the beginning. You should be adding to your choice of tokens into this.”
It certainly feels that the crypto market is again coiling the spring. Whether it continues to consolidate or takes off again, 2021's outlook remains bullish for Bitcoin and even more so Ethereum, which just hit an all-time high this morning.
To leave you with Raoul’s words;
“Corrections in a bull market are opportunities and not threats. Good luck. It's going to be quite the year...”