Former Goldman Sachs Executive Raoul Pal has claimed that the potential downside in the US stock markets could negatively impact crypto prices in the coming months.
Addressing his nearly 1 million followers on Twitter, Pal said he was looking at the Nasdaq and said that from a technical analysis point of view, if the index breaks critical support, it could potentially go lower.
Pal stated that although he does not expect a definite decrease for the crypto markets, the current macro conditions have the potential to bring down digital assets.
Energy stocks, petroleum commodities, etc. seeing them all in red increases the risk of a sudden panic. The only place to hide will be dollars and possibly bonds. And yes, crypto will get its share of this drop, too.
said.
The famous name alsoNasdaq If it breaks the last low, we will have a significant downside over the coming weeks.” said.
The failure of equities to hold has exposed risk of severe downside if the low is taken out… 1/ pic.twitter.com/P402j7Kglu
— Raoul Pal (@RaoulGMI) April 22, 2022
Did you miss @RaoulGMI‘s update on today’s Daily Briefing?
Here’s 4 short clips everyone needs to watch 🧵
“If the #NASDAQ breaks the recent low… we’ve got a significant amount of downside to come in the coming weeks…where every position gets taken out and shot…” https://t.co/30Ncq9hkrO pic.twitter.com/1rrzWi6tPI
— Real Vision (@RealVision) April 22, 2022
In particular, the correlation between Bitcoin and US stock markets has reached the highest levels in history. Bitcoin, which moves in parallel with the US stock markets, can be adversely affected by serious decreases in stock markets.
You can follow our Twitter account to learn about the opening and closing prices of the US stock markets and their important movements during the day: https://twitter.com/bitcoinsistemi
*Not investment advice.