Bitcoin had been under pressure due to cautious approach of investors and uncertainty about Biden administration’s stance on cryptocurrency market as a whole. Even rumors have played a part in the 27% correction from about $42,000 to $30,000.
Raoul expects Bitcoin to start rallying after a short period of consolidation.
“Feels like BTC is getting ready to climb the wall of FUD fear. Positive seasonality and a nice wedge give it a good chance to hit $50,000 by March. Let’s see… I remain, as ever irresponsibly long.”
Pal, who has been investing only in Bitcoin and Ethereum so far, has decided to officially increase the depth of his portfolio by adding ten more altcoins.
Feels like BTC is getting ready to climb the wall of FUD fear. Positive seasonality and a nice wedge give it a good chance to hit $50k by March. Let's see… I remain, as ever, #irresponsiblylong. pic.twitter.com/wzfPmCMoOS
— Raoul Pal (@RaoulGMI) January 25, 2021
He is setting aside 5% of his portfolio to cryptos with smaller capitalization, but states that he has no intention to reveal his investments.
Exactly, my friend. It's literally maybe just 5% of my allocation.
— Raoul Pal (@RaoulGMI) January 27, 2021
I know you are all asking for my 10 alts picks but I won't release it publicly. Not because its some amazing analysis (its really not – just an equally weighted basket) but because I don't want to look like I'm pumping less liquid stuff. Its really just the usual stuff in it.
— Raoul Pal (@RaoulGMI) January 27, 2021