It’s been just revealed that Raoul Pal talks about the connection between the stock market and the crypto market.
Check out the details that the online publication the Daily Hodl noted about this issue.
It’s been just revealed that Former Goldman Sachs executive Raoul Pal says that potential downside in the stock market may threaten crypto prices in the coming months.
Pal also said that he’s looking at the Nasdaq and says that from a technical analysis standpoint, the index is on the verge of potentially making lower lows if its critical support is broken.
“The failure of equities to hold has exposed risk of severe downside if the low is taken out.”
Pal doesn’t necessarily see new lows in store for crypto markets. On the other hand, he warns that current macro conditions are hinting that a major correction is coming, which could drag down digital assets with it.
“Seeing energy stocks, oil commodities, etc. all in the red start to raise the risk of a full ‘correlation’ of one accelerated panic.”
He continued and said the following:
“The only place to hide would be the dollar and probably bonds (because everyone is short). And yes, crypto would get caught up too (not new lows).”
In a new interview with Real Vision, Pal made sure to explain that if crypto ends up in a corrective phase, he thinks it will be more noise within an overall ranging market structure.
At the moment of writing this article, Bitcoin and the most important coins are trading in the red.
Bitcoin new predictions are out
Bitcoin is struggling to regain $46k, and at the moment of writing this article, BTC is trading in the red. Check out the latest price predictions about the king coin below.
Popular crypto analyst Michaël van de Poppe says Bitcoin (BTC) could reach $46,000 and beyond soon. He also talked about the value of rising altcoin STEPN (GMT).