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Raoul Palfounder and CEO of Real Vision and popular investor and cryptocurrency expert, addressed his army of followers on social media platform
He again used the term “banana zone,” which he coined to describe market phases in cryptocurrency.
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“We are still in the banana zone.”
Rahul Pal tweeted that the market is still in “banana territory”. This term he invented describes a really rapid rise in cryptocurrency prices, when its price path on the chart resembles a banana.
He stated in a tweet today that “we are still in the banana zone.” He tweeted that the “first phase of banana zone” was a price breakout last year, which has now turned into a consolidation phase, similar to the one the cryptocurrency market faced in 2016-2017. Pal believes that this phase will not last for much longer, and will likely talk about Bitcoin and its current price correction.
After the first phase of the Banana Zone, the cryptocurrency expert expects the market to enter the “second phase of the Banana Zone,” which he referred to as the “Banana Singularity,” adding that this will be the season of altcoins. During this period, “everything goes up (followed by greater consolidation).”
The final phase of this, according to Raoul Pal, will be the “third phase of the banana zone,” “when the major winners break out and achieve much higher heights (concentration phase).”
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Bitcoin price movement within the “banana zone”
last time Pal talked about the "Banana Zone" That was in November last year, shortly after the world's leading cryptocurrency, Bitcoin, reached an all-time high, surpassing the $75,000 price level. Then, in early December, Bitcoin surpassed $108,000, setting a new all-time high.
Currently, digital gold is trading at $94,800 after recovering 3.14% in the past 24 hours. This rally was preceded by a massive collapse of almost 10% as Bitcoin fell from around $102,000 on Tuesday and fell to the $91,900 level two days later.
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