U.Today – Renowned macroeconomics expert and cryptocurrency advocate Raoul Pal has shaken up the scene today with his new prediction about (BTC). Pal, CEO of Real Vision, has caught the attention with his provocative claim that BTC is on the verge of breaking out of a technical pattern known as the “cup and handle” and entering what he calls the “banana zone.”
What does this mean?
Pal himself coined the term “banana zone” to describe a phase of extreme and rapid price increases in the cryptocurrency market. This phase is characterized by exponential price increases, widespread market euphoria, and high volatility, although it is usually short-lived. During this period, most cryptocurrencies experience substantial gains, reflecting the most bullish phase of a cryptocurrency bull market.
The “cup and handle” pattern is a classic chart pattern used in technical analysis, which typically signals a bullish continuation. The pattern resembles a cup with a rounded bottom, followed by a period of consolidation, which forms a “handle.” A breakout of this pattern often signals a significant upward move, which Pal suggests could propel Bitcoin into the Banana Zone.
Bitcoin Price Outlook
As of today, the BTC price is hovering around the $69,000 mark. What was once an all-time high is now considered a mere springboard for the price of major cryptocurrencies. The BTC price today reached $70,000, a milestone not seen since June 12.
If the Banana Belt scenario is really about to happen, the Bitcoin price figures are unimaginable. But predicting a sure thing in the cryptocurrency market is rarely a good idea.
This article was originally published on U.Today
