Renowned analyst Raoul Pal gives information about crypto markets that sit in the “sweet spot” of a very strong bull market. Pal said that crypto markets (especially altcoin projects) are showing signs of a new big uptrend on their horizon. Details cryptocoin.com‘in.
Which altcoin is this?
In a new interview, Pal says that looking at Ethereum in the Bitcoin pair (ETH/BTC) shows him that the crypto markets could enter a “crazy” phase. The analyst says:
The chart I think is the most important chart at the moment is the chart of ETH against BTC. It is currently at 0.074 BTC ($4,249.24). At 0.08 ($4,593.77) it departs from this beautiful streamer model and a larger base model that has been around for years. It looks like its performance will double against Bitcoin. As of today, Ethereum is up 480% this year and Bitcoin is up 100%. This tells you that something crazy is going to happen in the crypto markets. Does this mean that other tokens outperform Ethereum? Probably. We feel like we’re getting close to the final crazy phase that happens so often.
The analyst argues that the current bull cycle will be longer than most traders expect. According to Pal, Ethereum should lead the rest of the crypto bull market, which he states is currently sitting in a sweet spot. Analyst says:
How long does the bull market cycle last, I have a different opinion on this. I’ve mentioned this before: a lot of institutional allowances will come in January, February, March, new hedge fund PNLs (profits and losses) will all come into play. I think this cycle is taking a lot longer than people imagine, and the price is much higher. But we are in the right spot for what will traditionally be a very strong market and ETH needs to be the leader.
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