Crypto outperforms tech stocks, says Raul Pal
Renowned investor Raoul Pal has confirmed that 2024 is set to be a good year for crypto, beating the odds for tech stocks, using critical data.
“This is where NDX and Crypto growth assets live. That's why they went down before anything else,” the statement said.
Pal predicts Crypto will outperform tech stocks
In a series of posts on X (formerly Twitter), Pal describes a key market indicator and his belief that it will bring positive change to the crypto market over the next twelve months.
But our ISM leadership indicator is increasing significantly. This is where the SPX generally lives (part cyclical, part bullish) and explains the strength of the SPX relative to the Russell 2000 (RTY) or commodities…”
Moreover, it is predicted that the crypto market will grow significantly in one year.
“Using our GMI Financial Conditions Index, we can look 11 months into the future, which suggests we have a strong year in 2024. This is where the growth assets of NDX and Crypto live. That's why they fell before everything else…”
Read More: AI Stocks: The Best Artificial Intelligence Companies to Watch in 2023
Meanwhile, K33 Research researcher Vettel Lundde on the Chicago Mercantile Exchange (CME) states that the price of Bitcoin is expected to increase in the future.
“CME is very long. ATH OI, huge premium,” Lunde said.
He also pointed to the divergence between the Bitcoin spot price and the futures contract as a good bullish indicator.
“BTCs next month contract has only sold at a wide premium to the first month contract on three occasions since launch.”
The latest buzz around the upcoming Bitcoin compensation
Recently, there have been many speculations about how the crypto market will perform in the next twelve months. This is especially true for the expected halving of Bitcoin in April 2024.
On November 12, BeinCrypto covered analysts' forecasts for use in a volatile market. Plus converting small amounts of bitcoins into large six-figure sums.
According to one analyst's model, traders should buy Bitcoin six months before the drop and sell it 18 months after.
This aims to take advantage of Bitcoin's bullish patterns, which show significant price spikes around the Bitcoin halving, avoiding ongoing bear markets.
Read more: Which Crypto Sectors Boom During the Holidays? A guide for traders
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