Raoul Pal told The Stakeborg Talks that the recent choppy crypto market has likely been caused by regular institutional selling up before the end of the year, and that hodlers should be bullish on Bitcoin going into 2022.
of cryptocurrency surged in May and Oct. according to Coinshares, the timing of the selling indeed points to institutions unloading some bags.“It looks like they’re done because the market has been chopping around for the past week, which was the traditional last week of everybody squaring their books.”
While he predicts that there could be further selling out of Asia, Pal expects 2022 to begin with a strong start for the crypto markets as the capital from institutions gets redeployed. Pal believes that institutional investors will become increasingly bullish on cryptocurrency through 2022 as they begin to better understand the ever increasing adoption of the technology “and therefore what that implies in market cap” by the end of the decade.
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