Co-founder and CEO of Real Vision; Raul Pal shed light on the current market situation and future prospects of Bitcoin, the world's largest cryptocurrency.Despite cryptocurrencies witness the decline Financial experts have discovered an important pattern that indicates a possible bullish flag after Bitcoin's price correction.
Cryptocurrency expert announces Bitcoin “banana zone” rally
In a post on X (formerly Twitter) published on Tuesday, April 28, Pal said: share Annual chart showing Bitcoin price changes from October 2023 to April 2024. At the time of writing this article, Bitcoin price is trading below $60,000According to CoinMarketCap, it hit $59,185, down 15.12% for the month and 11.31% for the week.
Cryptocurrency analysts suggested that Bitcoin recent price corrections It was a temporary setback. He predicts that once the market is completely refreshed, we will begin what he calls a “banana zone.” He also described the recent decline in Bitcoin's price as a “refreshing pause.”
This pause emphasizes the final days of the war. crypto spring, a period marked by renewed optimism after a bear market. The main examples of this stage occurred when: Bitcoin hits new all-time highwhich exceeded $73,000 in March after declining from 2022 to 2023.
On the other hand, Banana Zone is experiencing intense market excitement and Possibility of significant price increases. However, Mr. Pal described this unique period as “a time when the market begins to fuel new big L1 and L2, and there is explosive growth in comparison to SOL.''
The financial expert noted that once the banana zone begins, it will gain momentum towards the end of the year and could last until 2025, reaching the peak of the mania. He also shared a historical painting analysis that explains his work. Bitcoin predictions.
In the chart, bitcoin price Pal witnessed a rise in the banana zone from $1,000 to $5,000 from 2014 to 2016 and from $10,000 to $60,000 from 2019 to 2020.Based on predictions based on this unique historical pattern, Pal was suggested From 2022 to 2024, Bitcoin's price trend, which started at $50,000, could skyrocket to an all-time high of $300,000.
Cryptocurrency summer is the beginning of altcoin season
Pal is predicted After the spring of cryptocurrencies, a new season of cryptocurrencies will arrive, called the “summer of cryptocurrencies.”Financial experts believe that this period The beginning of altcoin seasonit emphasizes that it is usually characterized by severe bubbles in the decline of cryptocurrencies.
meanwhile Summer of cryptocurrenciesPal predicts that Ethereum will start: Outperforming Bitcoin Meanwhile, Solana will accelerate outperforming both Bitcoin and Bitcoin. Ethereum. The financial CEO revealed that the summer and fall of cryptocurrencies are often confusing, as cryptocurrencies tend to adopt narratives and can get caught up in the rampant euphoria.
He predicts there will be at least two more “nasty corrections” caused by excessive leverage before the banana zone begins.In addition, pals have three or four Cryptocurrency will lead the altcoin seasonone particular cryptocurrency is emerging as a “major new entrant.” Solana I ran it with Avalanche and Polygon during the last cycle.
BTC crashes below $60,000 support | Source: BTCUSD on Tradingview.com
Featured image from RBK, chart from Tradingview.com
