Real Vision CEO Raoul Pal has weighed in on current state of market
In a recent Twitter feedRaoul Pal, CEO of Real Vision, says the cryptocurrency market has “probably” bottomed out.
The prominent analyst told his more than 966,000 Twitter followers that that macro turn was “very close.” Pal predicts that the bond yields have already topped. The yield on the benchmark 10-year Treasury note was a hair’s breadth away from reaching the 3.5% mark in early June.
Pal also noted that non-fungible tokens are growing as Ether (EHT) volumes and floor prices also rise. As reported by U.Today, an NFT from the CryptoPunk collection recently sold for as much as $3.3 million despite bearish market sentiment.
On Thursday, the price of Ethereum surged to as high as $1,400, but veteran trader Peter Brandt said that the rally was questionable due to low volume.
A History of Terribly Wrong Predictions
It should be noted that Pal’s opinions should be taken with a large grain of salt. Following Terra’s collapse in late May, the analyst claimed he never owned or recommended the failing ecosystem’s tokens, but a video of him claiming the project was basically “risk-free” is next. appeared on social media.
Pal is also known for making some notoriously wrong price predictions. Last September, he predicted that the price of Bitcoin would surge to as high as $400,000 by Mach 2022. Of course, the top cryptocurrency failed to come anywhere close to that target after peaking at $69,000 in November and entering a brutal bear market.
