Raoul Pal Predicts Big Move For Bitcoin Based On A Bullish Chart Pattern

According to Raoul Pal, ex-Goldman Sachs executive and CEO of Real Vision, Bitcoin is forming a chart pattern that could lead to a huge rally.

BTC/USD

Pal shares with his 652K Twitter followers that Bitcoin is forming a descending wedge very similar to the pattern that formed from 2017 to 2020. What followed was that the leading crypto asset broke out of the technical formation, and climbed to its all-time high around $65,000.

“The Bitcoin long-term log chart looks pretty luscious. Who knows if the wedge breaks on [the] first attempt but a consolidation pattern of this magnitude usually leads to a very, very powerful upside move.”

The Bitcoin long term log chart looks pretty luscious. Who knows if the wedge breaks on first attempt but a consolidation pattern of this magnitude usually leads to a very, very powerful upside move. #BTC pic.twitter.com/qVIt8XxGgT

— Raoul Pal (@RaoulGMI) October 1, 2021

Looking at the chart, the market analyst talks about probability for BTC make similar moves sometime between now and early next year.

ETH/BTC

Regarding Ethereum’s Bitcoin pair (ETH/BTC), there is a wedge forming. According to Pal, ETH/BTC could break out of its resistance at the top of the wedge and ignite a 100% rally from current levels.

“Talking of luscious charts, the ETH/BTC cross has seen a lovely consolidation and should move to near double from here if and when the wedge breaks.”

Talking of luscious charts, the ETH/BTC cross has seen a lovely consolidation and should move to near double from here if and when the wedge breaks. #Ethereum pic.twitter.com/ivfokmj5AK

— Raoul Pal (@RaoulGMI) October 1, 2021