Bitcoin Flashing Bullish Signal That Previously Preceded a 214% Rally, According to Macro Guru Raoul Pal – The Daily Hodl

Former Goldman Sachs executive Raoul Pal says he’s looking at one signal that has preceded massive Bitcoin (BTC) rallies five times in the past.

In a blog post, the macro guru says Bitcoin’s 30-day historical volatility just moved below 20 for the first time since the start of the year.

Pal says hitting the 20 level has historically set the scene for Bitcoin to go on a huge run in the succeeding months.

“After a strong start to the year (60% to 100% rises), the crypto markets have been completely dead over the summer…

This 20-level has always produced huge moves over the subsequent two to four months…

April 2016: +83% in two months

October 2016: +85% in two months

March 2019: +214% in three months

July 2020: +102% in four months

January 2023: +85% in three months.” 

Pal is also keeping a close watch on the Bollinger Bands, which is a widely used volatility indicator. According to the macro guru, Bitcoin’s Bollinger Bands are “currently the tightest on record” as it hovers close to the 20 level as well.

“Only one other month historically have we ever been below 25 which was back in April 2016.

Back then, Bitcoin went on to rally 44x into the 2017 high…” 

At time of writing, Bitcoin is worth $26,127.

Looking at Ethereum (ETH), Pal says that the leading smart contract platform continues to trade within a bullish continuation pattern despite the marketwide correction over the past weeks.

“Additionally, as we highlighted last week, ETH also seems to be forming a large bull flag pattern…” 

At time of writing, Ethereum is trading at $1,636.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines
&nbsp

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

Generated Image: Midjourney

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://dailyhodl.com/2023/08/29/bitcoin-flashing-bullish-signal-that-previously-preceded-a-214-rally-according-to-macro-guru-raoul-pal/