Bitcoin awakens bullish signal not seen since 2017, says Raoul Pal

Charlie Taylor

Macro investor Raoul Pal noted on Sunday (25) that Bitcoin (BTC) is sending the same bullish signal as before the 2017 bullish cycle. said to its 468,000 followers on Twitter that Bitcoin's relative strength index (RSI) is hovering at levels similar to those it displayed in the early stages of its massive 2017 bull run. “The weekly RSI is close to the levels we saw in the corrections in first part of the 2017 bull run, before Bitcoin reached hyperspace. These are the breaks that renew a booming market. ”Reproduction / Twitter.Pal, co-founder and chief executive of Real Vision Group & Global Macro Investor, also notes that Bitcoin is almost as sold as during the coronavirus-induced settlement last year, based on the RSI.

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"Bitcoin is almost as sold as it was in March 2020."Last week, the cryptocurrency enthusiast said he was fighting the urge to sell his entire BTC to buy more Ethereum (ETH) .Pal updated these ideas on Sunday, noting that the ETH / BTC pair is on the brink. of a major reversal that could end a downward trend for several years. “In addition, the ETH / BTC cross will likely correct a bit first, before it bursts. It is a spectacular base pattern. ”Reproduction / Twitter. In general, Pal says investors should take advantage of this current downturn in the market. “Corrections in a bull market are opportunities, not threats. Good luck. It will be quite a year … ”In the meantime, many investors prefer to adopt only the“ hodl ”position, hold their cryptocurrencies and sell only when it is really necessary. What is your strategy? Leave it in the comments below.

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