U.Today - Renowned macro expert and crypto proponent Raoul Pal broke the space today with his newest prediction regarding Bitcoin (BTC). Pal, CEO of Real Vision, has drawn attention with his provocative assertion that BTC is poised to break out of a technical pattern known as the "cup and handle" and enter what he calls the "Banana Zone."
What does this even mean?
Pal himself coined the term "Banana Zone" to describe a phase of extreme and rapid price increases on the cryptocurrency market. This phase is characterized 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.
Bitcoin price outlook
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 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. But to predict something certain on the crypto market is rarely a good idea.