U.Today - Raoul Pal, founder and CEO at Real Vision and a renowned investor and cryptocurrency expert, has addressed his army of followers on the social media platform X (formerly known as Twitter) regarding the current state of the crypto market and the likely prospects of altcoins.
He again used the term “Banana Zone,” which he coined in order to describe market phases in cryptocurrency.
"We are still in the Banana Zone"
Raoul Pal tweeted that the market is still in “the Banana Zone”; this term that he invented describes a really fast price surge of a cryptocurrency, when its price trajectory on a chart resembles a banana.In today’s tweet, he stated that “we are still in the Banana Zone.” He tweeted that “Banana Zone Phase 1” was the price breakout last year, which has now turned into a consolidation phase, similar to the one faced by the cryptocurrency market in 2016-2017. This stage will not last much longer, Pal believes, likely talking about Bitcoin and its current price correction.
After phase 1 of the Banana Zone, the cryptocurrency expert expects the market to enter “Banana Zone Phase 2,” which he referred to as “Banana Singularity,” adding that this would be altcoin season. During this period, “everything goes up (followed by a bigger consolidation)”.
The final phase for this, per Raoul Pal, will be “Banana Zone Phase 3,” “when the core winners explode onto make much higher highs (concentration phase).”
Bitcoin price action inside "Banana Zone"
The last time Pal spoke about the “Banana Zone” was November last year, shortly after the world’s flagship cryptocurrency, Bitcoin, reached an all-time high, surpassing the $75,000 price level. After that, in early December, BTC broke above the $108,000 mark, establishing a new all-time high.Currently, the digital gold is trading at $94,800 after regaining 3.14% in the past 24 hours. That rise was preceded by a massive almost-10% crash as Bitcoin plunged from roughly $102,000 on Tuesday and landed on the $91,900 price mark two days later.