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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Finance Expert Raoul Pal Says 20% Bitcoin Correction Only Temporary As Euphoria Will Return

Scott Matherson
Scott Matherson
1 year ago
4 mins read
Bitcoin

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Co-founder and Chief Executive Officer (CEO) of Real Vision, Raoul Pal has shed light on the current market state and the future outlook of Bitcoin, the world’s largest cryptocurrency. Despite the cryptocurrency witnessing declines of more than 15%, the financial expert has uncovered a significant pattern that indicates a potential bull flag following Bitcoin’s price correction. 

Crypto Expert Unveils “Banana Zone” Rally For Bitcoin

In an X (formerly Twitter) post published on Tuesday, April 28, Pal shared a yearly chart depicting Bitcoin’s price movements from October 2023 to April 2024. At the time of writing, Bitcoin’s price is trading below the $60,000 mark, at $59,185, marking monthly declines of 15.12% and weekly lows of 11.31%, according to CoinMarketCap. 

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The crypto analyst has suggested that Bitcoin’s recent price correction was a temporary setback. He predicts that once the market fully refreshes, what he calls “the Banana zone” will kick in. He also described Bitcoin’s recent price declines as a “pause that refreshes.” 

The pause emphasizes the final days of the crypto spring, a period marked by renewed optimism after bearish markets. A prime illustration of this phase occurred when Bitcoin surged to new all-time highs, surpassing $73,000 in March, following its decline from 2022 to 2023. 

On the other hand, the Banana zone represents a phase characterized by intense market excitement and the possibility of significant price increases. However, Pal has described this distinctive period as “when the market begins to anoint the new big L1 or L2, which explodes even vs SOL.”

The financial expert noted that once the Banana zone commences, it may pick up momentum towards the end of the year and continue well into 2025, potentially reaching peak mania. He also shared a historical pictorial analysis illustrating his Bitcoin predictions. 

In the chart, the price of Bitcoin witnessed a Banana zone rally from $1,000 to $5,000 between 2014 and 2016 and from $10,000 to $60,000 between 2019 and 2020. Basing his predictions on this unique historical pattern, Pal suggested that Bitcoin’s price action from 2022 to 2024, starting at $50,000 could potentially skyrocket to a new all-time high of $300,000. 

Crypto Summer Is The Start Of Altcoin Season

Pal has predicted that after the crypto spring, a new season for cryptocurrencies will occur, termed “the crypto summer.” The financial expert has confirmed that this period will be the start of the altcoin season, highlighting that it is typically marked by an intense bubble in the crypto fall. 

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During the crypto summer, Pal projects that Ethereum would begin to outperform Bitcoin while Solana would accelerate its outperformance of both Bitcoin and Ethereum. The financial CEO disclosed that the crypto summer and fall are often confusing, as cryptocurrencies tend to adopt a narrative and may get caught up in the prevailing euphoria. 

He predicts another two or more “nasty corrections” triggered by excessive leverage before the onset of the Banana zone. Additionally, Pal has indicated that three or four cryptocurrencies are set to lead the altcoin season, with one particular cryptocurrency emerging as the “Big new entrant,” much like Solana did during the previous cycle alongside Avalanche and Polygon.

Bitcoin price chart from Tradingview.com

BTC crashes below $60,000 support | Source: BTCUSD on Tradingview.com
Featured image from RBK, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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