PakGazette: Raoul Pal, founder and CEO of Real Vision and a renowned cryptocurrency investor and expert, addressed his army of followers on social media platform X (formerly known as Twitter) about the current state of the cryptocurrency market. cryptocurrencies and the probable prospects of altcoins.
He again used the term “Banana Zone”, which he coined to describe the phases of the cryptocurrency market.
“We are still in the Banana Zone”
Raoul Pal tweeted that the market is still in “the Banana Zone”; This term he invented describes a really rapid rise in the price of a cryptocurrency, when its price trajectory on a chart looks like a banana.
In today’s tweet he stated that “we are still in the Banana Zone.” He tweeted that “Phase 1 of the Banana Zone” was last year’s price breakout, which has now turned into a consolidation phase, similar to what the cryptocurrency market faced in 2016-2017. This stage will not last much longer, Pal believes, probably talking about its current price correction.
After Phase 1 of the Banana Zone, the cryptocurrency expert expects the market to enter “Phase 2 of the Banana Zone,” which he referred to as the “Banana Singularity,” adding that this would be the season for altcoins. . During this period, “everything goes up (followed by further consolidation).”
The final phase for this, according to Raoul Pal, will be “Banana Zone Phase 3”, “when the main winners explode and reach much higher highs (concentration phase)”.
Bitcoin Price Action Within the “Banana Zone”
The last time Pal spoke about the “Banana Zone” was in November last year, shortly after the world’s flagship cryptocurrency, Bitcoin, reached an all-time high, surpassing the $75,000 price level. After that, in early December, BTC surpassed the $108,000 mark, setting a new all-time high.
Digital gold is currently trading at $94,800 after recovering 3.14% in the last 24 hours. That surge was preceded by a massive drop of nearly 10% as Bitcoin fell from around $102,000 on Tuesday and landed at the $91,900 price mark two days later.
