According to U.Today, renowned macro expert and crypto proponent Raoul Pal has made a bold prediction regarding Bitcoin (BTC). Pal, CEO of Real Vision, suggests that BTC is on the verge of breaking out of a technical pattern known as the 'cup and handle' and entering what he terms the 'Banana Zone.'
Pal coined the term 'Banana Zone' to describe a phase of extreme and rapid price increases in the cryptocurrency market. This phase is marked by exponential price rises, widespread market euphoria, and high volatility, although it is typically short-lived. During this period, most cryptocurrencies experience substantial gains, reflecting the most bullish phase of a crypto bull market.
The 'cup and handle' pattern is a classic chart pattern used in technical analysis, which typically indicates a bullish continuation. The pattern resembles a cup with a rounded bottom, followed by a consolidation period, which forms a 'handle.' A breakout from this pattern often signals significant upward movement, which Pal suggests could propel Bitcoin into the Banana Zone.
As of now, the price of BTC stands at the $69,000 mark. What was previously the all-time high is now seen as just a stepping stone for the major cryptocurrency's price. BTC's price did touch the $70,000s today - a milestone not seen since June 12. If the Banana Zone scenario is indeed about to happen, the numbers for Bitcoin's price figure are unimaginable. However, predicting something certain in the crypto market is rarely a good idea.