Raoul Pal Says Bitcoin Flashes Bullish Signal That Preceded 214% Surge

There are positive updates regarding the price of Bitcoin. According to recent reports, a former Goldman Sachs executive named Raoul Pal is monitoring a signal that has triggered significant Bitcoin rallies five times before.

Pal noted that Bitcoin’s 30-day historical volatility has dropped below 20 for the first time this year. In his blog post, he explained that this level has historically led to a surge in Bitcoin’s price in the following months.

“After a strong start to the year (60% to 100% rises), the crypto markets have been completely dead over the summer…

This 20-level has always produced huge moves over the subsequent two to four months…

April 2016: +83% in two months

October 2016: +85% in two months

March 2019: +214% in three months

July 2020: +102% in four months

January 2023: +85% in three months.”

He is also closely monitoring the Bollinger Bands, a popular measure of volatility, closely.

A prominent expert has noted that Bitcoin’s Bollinger Bands are presently the narrowest they have ever been, hovering near the 20 level.

In fact, the only other instance of Bitcoin going below 25 was in April 2016, which led to a significant rally of 44 times the original value, eventually reaching its peak in 2017.

The crypto markets have recently seen a surge in prices due to Grayscale’s success in winning a lawsuit against the SEC. The SEC had previously denied Grayscale’s request to convert their Bitcoin Trust into an ETF.

However, a federal judge has now ruled that the SEC must review their decision in order to avoid any unjust or inconsistent actions.

“To avoid arbitrariness and caprice, administrative adjudication must be consistent and predictable, following the basic principle that similar cases should be treated similarly.”

The ruling continued and said the following:

“NYSE Arca presented substantial evidence that Grayscale is similar, across the relevant regulatory factors, to bitcoin futures ETPs (exchange-traded products).”