Raoul Pal wants Bitcoin (BTC) investors to mobilize their trades against Elon Musk. The macro investment strategist advised traders to either accumulate or preserve their Bitcoin holdings just as the flagship cryptocurrency suffered massive declines over the weekend and at the începutul acestei săptămâni.
Privind retrospectiv, taurii au fost sub presiune după Elon Musk a început să zguduie piața criptomonedelor. Pe 12 mai, antreprenorul miliardar a inversat decizia companiei sale Tesla de a accepta plăți Bitcoin pentru vehiculele sale electrice, invocând probleme de mediu legate de industria minieră Bitcoin.
Nevertheless, he noted that Tesla would keep holding more than a billion-dollar worth of Bitcoins on its balance sheet. The company had revealed the said crypto investment in its securities filing in February 2021.
But during the weekend, Musk hinted at another U-turn. He engaged with an alleged cryptocurrency scammer on Twitter when the latter discussed the prospect of Tesla dumping its entire $1.5 billion Bitcoin stash on the market. Musk responded with an “indeed,” prompting traders to believe that he would indeed sell all the Tesla’s Bitcoin holdings.
Musk later clarified that Tesla has not sold its Bitcoin.
But the damage was done. As the Bitcoin’s price fell, Musk’s comments lead to an out-and-out Twitter spat with the Bitcoin community, prompting prominent crypto influencer Anthony “Pomp” Pompliano to call the Tesla CEO an “emotional billionaire.”
Anticipam statele naționale și băncile centrale, dar în schimb am primit un miliardar emoționat cu un cont de Twitter.
- Pomp (@APompliano) 16 Mai, 2021
On the other hand, Pal suggested Bitcoin traders ignore the “weekend FUD” and focus on the cryptocurrency’s strong technical setup that indicates a bullish breakout.
Pal:
“After the weekend FUD fest and s**t fighting, let’s get back to the important stuff. BTC is forming a wedge most likely…perfectly normal correction and healthy […] So, if you have dry powder, add. If you don’t. HODL.”
Anatomy of Pal’s Bitcoin Tweet
BTFD is a backronym for “Buy the F***ing Dip” — which influences traders to accumulate more assets as their prices go down. Meanwhile, Pal appeared very bullish on the latest Bitcoin correction after spotting a Falling Wedge pattern.
Falling Wedges are bullish reversal patterns. They appear when price trends lower inside a range defined by two downward sloping trendlines — as the reaction highs and reaction lows forming on them converge.
It typically leads to the price breaking above the upper trendline by the maximum Wedge length. The technical theory serves as the basis of Pal’s bullish bias on Bitcoin.
A mirrored image of Pal’s BTC trade setup from Tradingview shows that the BTC/USD exchange rate could rise by almost $14,000 on the next upside breakout move.
Meanwhile, fundamentals such as network hash rate and alte metrici continue to flash bullish in the Bitcoin market. However, some macroeconomic factors may also provide a boost for Bitcoin, particularly as the dollar slumps.
Additionally, the Federal Reserve will release the minutes of its meeting in April on Wednesday, suggesting that the central bank will keep interest rates near zero, purchasing government bonds and mortgage-backed securities at the pace of $120 billion per month — at least until 2023.
„Ne așteptăm ca procesele-verbale… să reitereze faptul că factorii de decizie politică consideră că creșterea inflației este tranzitorie”, a comentat Kim Mundy, a currency strategist at the Commonwealth Bank of Australia in Sydney. Mundy also told Reuters:
„Rezultatul este că nu ne așteptăm ca (Fed) să ia în considerare reducerea în curând a achizițiilor de active. Se așteaptă că dolarul își va relua tendința descendentă în această săptămână, după impulsul inspirat de IPC de săptămâna trecută.”
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