According to U.Today, seasoned cryptocurrency proponent and economist Raoul Pal has shared his insights and recommendations for crypto traders and investors amid the ongoing market downturn. Pal describes the current situation as a 'violent shakeout' and a reset of risk-taking leverage. Despite the turmoil, he remains optimistic about the long-term prospects for the 2024-2025 period, though he cautions that political and liquidity responses may take time to materialize.

Pal notes that the markets have entered the 'max fear' zone, with the Crypto Fear and Greed Index plummeting from 74/100 to 26/100 in just one week. He advises investors to hold on and take a long-term view, emphasizing that such volatility is natural during bullish phases of crypto markets. 'Stay safe out there. Good things come to those who wait. Markets are never easy and a bull market's job is to try to throw you off. Zoom out. Relax. This too shall pass,' Pal stated.

In the early hours of today, Bitcoin's price dropped below $49,500, marking its lowest point since mid-February. The total amount of liquidations exceeded $1.22 billion. Pal shared some survival strategies for navigating such turbulent times. He recommends avoiding FOMO and leverage on futures positions, focusing instead on a basket of 3-5 assets. High-risk allocations should be limited to 10%. He also advises using self-custody or multi-signature on-chain wallets to mitigate the risk of attacks.

Rather than attempting to outsmart the market by 'catching the knives,' Pal suggests adopting a HODL strategy. He personally announced that he is not selling anything and believes that adding to long-term holdings could be a wise move during the dip.