Macro guru Raoul Pal dismissed concerns about Bitcoin’s (CRYPTO: BTC) recent weakness, calling it a normal consolidation phase before a significant move higher.
What Happened: In a podcast on Thursday, Pal described the current consolidation as a normal part of the “banana zone” pattern that precedes significant upward moves in the cryptocurrency market.
He compared Bitcoin’s current price action to 2017, noting that a post-election dollar rally is temporarily tightening financial conditions, leading to weaker economic data but not a full recession.
“The dollar started rallying, which slows …
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