It’s been revealed that there are new crypto predictions out coming from relevant voices for the crypto space. Check out the latest reports below.
Raoul Pal drops new crypto predictions
Macro guru Raoul Pal said that he believes with a high degree of certainty that the bottom for the crypto markets is in.
In a new interview with asset management firm Arca, the former Goldman Sachs executive says that the macroeconomic environment that has kept the crypto market bearish for most of the year is beginning to change its course.
“For me, the macro is rolling over. By that, I mean we’re going into recession. We should see things like the ISM (institute for supply management) survey and other things start falling apart pretty quickly. The forward-looking elements are falling apart already.”
He continued and said: “We’re seeing it globally. So that’s growth evaporating.”
Pal also said the following:
“Alongside that, the narrative hasn’t caught up, most commodities are down between 30% and 50%… Everyone’s long and expecting oil to go to $200. I think there’s a washout coming, and it goes down to $60. So that’s the last inflation story.”
According to Pal, the change in the macro backdrop will trickle down to businesses and then the labor market.
“People built massive inventories after Covid. Those inventories are now unsold because of the economy slowing down and inflation eating disposable income. So we’ve seen it from Walmart [and] Amazon.”
He also said the following:
“They’re going to start discounting inventories to try and shift it. People are laying off staff. So the macro cycle is going to get to the ugly phase.”
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red, and the king coin is priced at $24,473.
Stay tuned for more news, and make sure to check out the markets as well.