Bitcoin Is Forming Highly Bullish Patterns, Says Former Goldman Sachs Manager
Bitcoin has been surrounded by bullish predictions, especially since the king coin was able to hit $10k and then smash through $11k as well.
At the moment of writing this article, BTC is trading in the green, and the digital asset is priced at $11,909.39.
Bitcoin bullish patterns
According to the latest reports coming from the online publication the Daily Hodl, the former Goldman Sachs Manager Raoul Pal thinks that practically everything is an inferior trade compared to Bitcoin.
Pal recently said that the equities market, gold, and commodities all pale in comparison to BTC.
“I was starting to have this hunch that almost no trade matters except Bitcoin at this point. Almost everything is an inferior trade to Bitcoin. And so I started testing that hypothesis. Now, I’ve not even written this up yet so people are hearing this for the first time, and I’ve alluded to it on Twitter, but I looked at Bitcoin versus everything,” he said.
He continued and explained that “there is nothing – except currently Ethereum and that’s in a shorter-term time horizon because it was underperforming massively – but on any meaningful time horizon, whether it’s one-year, two-year, three-year, four-year, five-year, six-year, Bitcoin’s basically outperforming everything, and it’s breaking out versus everything, or – another term – everything is breaking down versus Bitcoin.”
These are all INCREDIBLY BULLISH long-term chart patterns. The probabilities in the charts suggest that Bitcoin is likely set to be the best performing major asset in the world over the next 24 months and by a big margin.
— Raoul Pal (@RaoulGMI) August 10, 2020
He called Bitcoin a “supernova that’s sucking in everything else around it in terms of performance.”
He also said that he had wondered whether his optimism was boosted by the volatility of BTC but when he compared BTC to gold, he saw that the precious metal doesn’t look better.
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.