Former Goldman Sachs Group Inc hedge fund manager Raoul Pal says the Nasdaq index appears to be on the verge of potentially making lower lows.
He says if this continues, then the downside in the stock market may threaten crypto prices in the coming months.
The failure of equities to hold has exposed risk of severe downside if the low is taken out… 1/ pic.twitter.com/P402j7Kglu
— Raoul Pal (@RaoulGMI) April 22, 2022 Pal adds that current macro conditions are hinting that a major correction is coming, which could drag down digital assets with it.
“Seeing energy stocks, oil commodities, etc. all in the red start to raise the risk of a full ‘correlation’ of one accelerated panic. The only place to hide would be the dollar and probably bonds. And yes, crypto would get caught up too (not new lows),” says Pal.
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