Macro guru updated the forecast for the crypto market amid a small rally
The CEO of Real Vision, Raul Pel, believes that the chances are high that the cryptocurrency market has experienced the worst and a change in macroeconomic conditions will soon follow.
He believes the crypto market has reached a minimum, citing significant growth after the start of the saga involving Three Arrows Capital:
"Has the crypto market reached the lows? In my opinion, yes. Macro development is also very close. Have bond yields peaked? Probably.
Profitability since the panic liquidation of Three Arrows Capital:
- BTC +24%
- ETH +71%
- SOL +64%
- AVAX +77%
- DOT +26%
- AAVE +116%
- UNISWAP +131%».
Regarding Ethereum, Pel noted that the NFT sector is gaining popularity again:
"Ethereum-based NFT trading volumes are growing, as are minimum prices for good, reliable projects. Growth after reaching the bottom in the cryptocurrency market is usually not a straight line and at some point within a few months after the initial recovery, a serious check of the situation occurs"
However, Pel noted the possible impact of the US dollar's rise on much of the financial landscape. In particular, the ADXY index, which binds Asian currencies to the US dollar, is close to falling, which implies further growth of the dollar and increased pressure on risky assets, including cryptocurrencies:
"The ADXY index is very close to collapse, which indicates a global dollar crisis. If anyone wins in all this economic mess, it's the dollar. But on the other hand, the consequences may be severe deflation"
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