Former Goldman Sachs hedge fund manager Raoul Pal teased on his Twitter account that Ethereum could lead the next breakout for cryptoassets and expressed interest in investing in ETH.
In a series of tweets published July 8, Pal outlined several charts showing bitcoin and other top cryptoassets on the verge of a rally. Pal claimed that bitcoin was close to breaking the small wedge it had formed since May.
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
However, Pal explained that Ethereum held potential to lead the next cryptoasset rally via a breakout.
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 a subsequent tweet, the former Goldman Sachs manager claimed not to own any ETH but was considering investing after looking at the chart. He called bitcoin his “primary vehicle” but noted that a windfall for any of the top cryptoassets would cause the rest to rise in value.
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
In April, Pal called bitcoin “the future” and said the crypto-asset could reach a $10 trillion market capitalization in the future.
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