By Solomon Odunayo
Raoul Pal, former Goldman Sachs hedge fund manager, has said that Ethereum, the second-largest cryptocurrency by market capitalization could lead the next breakout for digital currencies. He also showcased an interest in investing in the digital token ETH.
Raoul Pal shared this opinion in a thread of tweets on 8th July 2020. In the tweets, Pal captioned several charts showing Bitcoin (BTC) and other top digital assets getting ready for a rally.
According to Pal, Bitcoin was close to breaking the small wedge it had formed since May 2020.
Raoul Pal tweeted, “The time for the crypto rally seems fast approaching… Bitcoin BTC is getting ready hopefully to break the small wedge…”
The time for the crypto rally seems fast approaching…#Bitcoin $BTC is getting ready hopefully to break the small wedge… pic.twitter.com/Fr8ZLWTA4V
— Raoul Pal (@RaoulGMI) July 8, 2020
Howbeit, Pal pointed out that Ethereum will likely lead the big rally that is on the verge to breakout.
“But this time it might be led by ethereum which is also about to break out…” Pal stated
But this time it might be lead by #ethereum which is also about to break out… pic.twitter.com/ZX2qoaMknr
— Raoul Pal (@RaoulGMI) July 8, 2020
In the same thread tweets, the former Goldman Sachs manager claimed that he owns no ETH, but the chart his starting to conceive him to purchase the digital token. He termed BTC his primary vehicle, believing that a favorable price action for top cryptocurrencies would enhance the growth of other crypto assets.
“I don’t yet own ETH but feeling the need to think about adding some. My primary vehicle remains bitcoin. A rising tide will lift all boats most likely. We’ve been waiting patiently for the breakout for some time. Who knows is if breaks out now but the clock is ticking…”
I don't yet own ETH but feeling the need to think about adding some. My primary vehicle remains bitcoin.
A rising tide will lift all boats most likely.
We've been waiting patiently for the breakout for some time. Who knows is if breaks out now but the clock is ticking…
— Raoul Pal (@RaoulGMI) July 8, 2020