• About Us
  • Privacy Policy
  • Contact Us
Bitbion
Advertisement
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
No Result
View All Result
Bitbion
No Result
View All Result
Home Cryptocurrency

Ex-Goldman Sachs executive with 98% of his net worth in crypto warns of strong Bitcoin correction

December 5, 2020
in Cryptocurrency
0
Ex-Goldman Sachs executive with 98% of his net worth in crypto warns of strong Bitcoin correction
Share on FacebookShare on Twitter


Raoul Pal, CEO of Real Vision, has become one of Bitcoin’s loudest supporters over recent months.

After diving back down the crypto rabbit hole in 2018 after first finding Bitcoin in 2012 or 2013, Pal has advocated for cryptocurrencies through multiple outlets: through his Twitter account followed by over 200,000, in Bloomberg interviews, and through his financial research outlets, which are followed by Wall Street billionaires.

He recently cemented his belief in Bitcoin and cryptocurrencies when he announced to Twitter that he had put 98 percent of his liquid net worth into Bitcoin and Ethereum:

“Ok, last bomb – I have a sell order in tomorrow to sell all my gold and to scale in to buy BTC and ETH (80/20). I dont own anything else (except some bond calls and some $’s). 98% of my liquid net worth. See, you can’t categorize me except #irresponsiblylong.”

With an extensive career at top hedge funds and firms such as Goldman Sachs, many take this to meant that he has dozens or even hundreds of millions of dollars in the top two cryptocurrencies.

Of note, Pal is growing temporarily bearish on Bitcoin, recently noting that the chance the coin sees a short-term correction is increasing.

Bitcoin faces key technical headwinds, says Raoul Pal

He recently noted that the Tom Demark Sequential, a prominent time-based technical analysis tool that has predicted previous macro Bitcoin reversal points, is forming a bearish sign:

“Bitcoin is potentially facing some serious technical headways… the daily DeMark is showing a cluster on 2 13’s and a 9 and tomorrow might put in ANOTHER 13!”

Bitcoin is potentially facing some serious technical headways… the daily DeMark is showing a cluster on 2 13’s and a 9 and tomorrow might put in ANOTHER 13! pic.twitter.com/TNPpLfR2nH

— Raoul Pal (@RaoulGMI) December 4, 2020

The Tom Demark indicator prints “9” and “13”  candles when an asset is likely near an inflection point in its trend.

Tom Demark himself, the individual who created this indicator, has used it to analyze Bitcoin in the past. Demark told Bloomberg in an interview many months ago that the indicator accurately predicted the 2017 high at $20,000, along with the 2018 macro lows of $3,200.

There are some that don’t put much belief in the indicator, though, especially as the Bitcoin market has become structurally different since previous bull runs.

As reported by CryptoSlate previously, derivatives data suggests that Bitcoin’s rally over the past two months has almost entirely been driven by institutional players. Previously, it was mom and pop investors that were at the front of Bitcoin’s price action.

Still macro bullish

While Pal may be fearing a short-term correction, he remains anything but bullish about Bitcoin and cryptocurrencies for the long haul.

Pal said in a video published to Real Vision, a financial research site he owns, that the world’s macroeconomic, political, and social trends are starting to all point to a world where Bitcoin is massive:

“It all looks like we are reaching this point. I have said this is where macro, crypto, politics, everything comes into the same big bucket. It is all concentrated and our pure focus right now. We know that Bitcoin plays a part in this.”

Bitcoin, currently ranked #1 by market cap, is up 0.44% over the past 24 hours. BTC has a market cap of $354.25B with a 24 hour volume of $31.66B.

Bitcoin Price Chart

BTCUSD Chart by TradingView

Like what you see? Subscribe for daily updates.





Source link

Tags: BitcoincorrectioncryptoexecutiveExGoldmannetSachsstrongWarnsworth
Share76Tweet47

Related Posts

Ethereum on-chain metrics may spell trouble with funding rates at unsustainable levels

Ethereum on-chain metrics may spell trouble with funding rates at unsustainable levels

by
April 11, 2021
0

Ethereum on-chain metrics may spell trouble with funding rates at unsustainable levels | CryptoSlate Earn up to 12% APY...

SEC v. Ripple takes new turn, setting XRP up for potential future growth

SEC v. Ripple takes new turn, setting XRP up for potential future growth

by
April 11, 2021
0

SEC v. Ripple takes new turn, setting XRP up for potential future growth | CryptoSlate Earn up to 12%...

Grayscale adds Chainlink to its portfolio to meet institutional demand

Grayscale adds Chainlink to its portfolio to meet institutional demand

by
April 7, 2021
0

Grayscale adds Chainlink to its portfolio to meet institutional demand | CryptoSlate Earn up to 12% APY on Bitcoin,...

Cryptocurrency’s arrival on Wall Street: How the Coinbase IPO could impact the crypto ecosystem

Earnings release shows Coinbase made more in Q1 2021 than all of 2020

by
April 7, 2021
0

Crypto exchange Coinbase posted its earnings this morning and showed strong revenue numbers ahead of its April 14 public...

Here’s why Kusama (KSM) is set to change the crypto landscape

Here’s why Kusama (KSM) is set to change the crypto landscape

by
April 6, 2021
0

Kusama is a unique project that has been drawing a lot of attention in recent months, mainly because of...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

November 20, 2020
Institutions are buying Litecoin (LTC) at a 1,200% price premium

Institutions are buying Litecoin (LTC) at a 1,200% price premium

November 22, 2020
Litecoin Price and Hashrate Diving Down; What’s Next?

Litecoin Price and Hashrate Diving Down; What’s Next?

November 25, 2020
3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge

3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge

November 25, 2020
Texas Regulators Clamp Down on Bitcoin ‘Ultra Mining’ Firm

Texas Regulators Clamp Down on Bitcoin ‘Ultra Mining’ Firm

0
Lightning Network’s New Liquidity Marketplace Attracts a ‘Surprising’ Mix of Individuals, Enterprises

Lightning Network’s New Liquidity Marketplace Attracts a ‘Surprising’ Mix of Individuals, Enterprises

0
BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

0
Softbank CEO sold Bitcoin at a $130m loss after getting “too distracted”

Softbank CEO sold Bitcoin at a $130m loss after getting “too distracted”

0
Bitcoin firm that exploded 12,000% in the past year is buying the world’s largest mining farm

Bitcoin firm that exploded 12,000% in the past year is buying the world’s largest mining farm

April 11, 2021
Ethereum on-chain metrics may spell trouble with funding rates at unsustainable levels

Ethereum on-chain metrics may spell trouble with funding rates at unsustainable levels

April 11, 2021
CryptoPunks NFTs Get $6M in Bids From a Single Account

CryptoPunks NFTs Get $6M in Bids From a Single Account

April 11, 2021
Is Bitcoin Following S2F Model? How a $200K Top Could be in Sight

Is Bitcoin Following S2F Model? How a $200K Top Could be in Sight

April 11, 2021

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Regulation

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020

Recent News

Bitcoin firm that exploded 12,000% in the past year is buying the world’s largest mining farm

Bitcoin firm that exploded 12,000% in the past year is buying the world’s largest mining farm

April 11, 2021
Ethereum on-chain metrics may spell trouble with funding rates at unsustainable levels

Ethereum on-chain metrics may spell trouble with funding rates at unsustainable levels

April 11, 2021
CryptoPunks NFTs Get $6M in Bids From a Single Account

CryptoPunks NFTs Get $6M in Bids From a Single Account

April 11, 2021
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 bitbion.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices

© 2020 bitbion.com