{"id":4935,"date":"2022-06-15T03:15:11","date_gmt":"2022-06-15T03:15:11","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=4935"},"modified":"2022-06-15T03:15:11","modified_gmt":"2022-06-15T03:15:11","slug":"is-the-bottom-in-raoul-pal-scaramucci-load-up-novogratz-and-hayes-weigh-in","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4935","title":{"rendered":"Is the bottom in? Raoul Pal, Scaramucci load up, Novogratz and Hayes weigh in"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Some of the highest-profile investors in crypto believe that a crypto market bottom is fast approaching and the timing is right to buy \u2014 although one still warns of catastrophic outcomes should prices fall below established support levels.\u00a0<\/p>\n<p>Billionaire Mike Novogratz, the founder, chairman and CEO of digital asset merchant bank Galaxy Digital Holdings told a Morgan Stanley conference on June 13 that cryptocurrencies may be close to a bottom, with Ethereum (ETH) likely to hold at $1,000 and Bitcoin (BTC) at around $20,000 to $21,000. <\/p>\n<p>The bottom for crypto would be realized faster than that of U.S. stocks, which could fall a further 15% to 20% he said. <\/p>\n<p>\u201cEthereum should hold around $1,000 and it\u2019s $1,200 right now. Bitcoin is around $20,000, $21,000 and it is $23,000, so you are much closer to the bottom in crypto than you are where I think, stocks, are going to have another 15% to 20% decline.\u201d <\/p>\n<h3>Hayes warns of sell-off risk<\/h3>\n<p>Arthur Hayes, co-founder and former chief of BitMEX took a similar view, acknowledging on Twitter on June 13 that on-chain data for Wrapped Bitcoin (wBTC) and Ether indicated that \u201cliquidations have mostly happened.\u201d <\/p>\n<p>However, Hayes warned that should support levels break for BTC and ETH at $20,000 and $1,000 respectively, we could expect \u201cmassive sell pressure in spot markets.\u201d <\/p>\n<p lang=\"en\" dir=\"ltr\">4\/ <\/p>\n<p>If these levels break, $20k $BTC &amp; $1k $ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves. We can also expect that there will be some otc dealers and that will be unable to hedge properly and might go belly up.<\/p>\n<p>\u2014 Arthur Hayes (@CryptoHayes) June 14, 2022<\/p>\n<h3>Pal, Scaramucci loading up\u00a0<\/h3>\n<p>Macro investor Raoul Pal is taking the recent market downturn as an opportunity to add to his crypto positions. On June 14, Pal told his 956,000 Twitter followers that \u201cwe are in a buy zone\u201d for Bitcoin (BTC), adding he was getting ready to \u201csignificantly\u201d add to his crypto positions \u201cprobably starting next week and into July.\u201d\u00a0<\/p>\n<p>The former Goldman Sachs executive explained that the imminent Bitcoin bottom can also be signaled by the weekly Relative Strength Index (RSI), which is at 31, edging closer to its lowest ever at 28.\u00a0<\/p>\n<p lang=\"en\" dir=\"ltr\">With the weekly RSI at 31 and the lowest ever at 28, that too suggests the low is within striking distance. Don&#8217;t ever expect to nail the low however&#8230;<\/p>\n<p>DeMark weekly charts suggest low is next week or in next 5 weeks. pic.twitter.com\/rwtfFxjYzH<\/p>\n<p>\u2014 Raoul Pal (@RaoulGMI) June 14, 2022<\/p>\n<p>RSI is a metric used by investors to measure the speed and magnitude of price changes, which can indicate overbought or oversold conditions. According to Investopedia, an RSI reading of 30 or below indicates an oversold and undervalued condition.<\/p>\n<p>Pal said his framework frequently expects 60% drawdowns over the long-term time horizons, adding: <\/p>\n<p>\u201cIn fact, the best way to optimize returns is to add significantly when the market tests the key trend.\u201d<\/p>\n<p>Anthony Scaramucci, founder of Skybridge Capital told CNBC\u2019s Squawk Box on June 13 that investors should \u201cstay disciplined\u201d amidst the crypto slump, noting that his fund has continued adding Bitcoin and Ethereum into its portfolio. <\/p>\n<p>\u201cWith incremental cash coming into our fund we have bought more Bitcoin and Ethereum [\u2026] So yes, truth be told, people will look back on this debacle and say I wish I had fresh cash to buy into that.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>&#8216;Too early&#8217; to say Bitcoin price has reclaimed key bear market support \u2014 Analysis<\/em><\/strong><\/p>\n<p>Novogratz was less gung-ho about investing right now, taking a more conservative approach and telling attendees that it may not yet be time to \u201cdeploy lots of capital\u201d as the economy may have further to fall.\u00a0<\/p>\n<p>\u201cUntil I see the Fed flinch, until I really think, OK the economy is so bad, and the Fed is going to have to stop hiking and even think about cutting, I don\u2019t think it is time to really deploy lots of capital.\u201d<\/p>\n<p>Other metrics that could shed light on whether crypto is nearing its market bottom is the Fear and Greed Index which as of today is currently sitting at 8, under \u201cExtreme Fear\u201d, which was last seen on May 17, around the time of Terra (LUNA)\u2019s collapse. <\/p>\n<p lang=\"en\" dir=\"ltr\">Bitcoin Fear and Greed Index is 8. Extreme Fear<br \/>Current price: $21,598 pic.twitter.com\/lsbousUzeV<\/p>\n<p>\u2014 Bitcoin Fear and Greed Index (@BitcoinFear) June 14, 2022<\/p>\n<p>Bitcoin is currently priced at $22,061 and ETH is at $1,215 at the time of writing.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/is-the-bottom-in-raoul-pal-scaramucci-load-up-novogratz-and-hayes-weigh-in\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some of the highest-profile investors in crypto believe that a crypto market bottom is fast approaching and the timing is right to buy \u2014 although one still warns of catastrophic outcomes should prices fall below established support levels.\u00a0 Billionaire Mike Novogratz, the founder, chairman and CEO of digital asset merchant bank Galaxy Digital Holdings told [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-4935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4935"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4935\/revisions"}],"predecessor-version":[{"id":4937,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4935\/revisions\/4937"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4936"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}