Macro Guru Raoul Pal Foresees 20% Probability Of 'Gigantic Bubble Cycle' As Bitcoin Drops Over 5%
Portfolio Pulse from Mehab Qureshi
Raoul Pal, a macro expert, suggested a 20% chance of a 'gigantic bubble cycle' in crypto, with a 60% probability of a 'regular cycle'. Bitcoin dropped over 5% after a surge attributed to whale activity. Analyst Ali Martinez linked the surge to whale transactions, noting an accumulation of over 30,000 BTC. The drop may also be influenced by concerns over the SEC potentially rejecting spot Bitcoin ETF applications.
January 04, 2024 | 1:04 pm
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Bitcoin experienced a significant drop, falling from $45,000 to $40,000, after a surge linked to whale activity and amidst concerns over SEC's stance on spot Bitcoin ETFs.
The drop in Bitcoin's price is directly related to the market's reaction to Raoul Pal's assessment of a potential bubble and the increased whale activity noted by Ali Martinez. Additionally, the market is likely responding to fears of SEC's rejection of spot Bitcoin ETFs, which contradicts earlier expectations of approval that could have driven prices up.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100