Bitcoin's (CRYPTO: BTC) has imploded 15% over the past week, plunging below $62,000 in early morning hours Thursday.
Yet, macro investor Raoul Pal says this is not the start of a bear market but rather another painful correction within a broader bull cycle.
"Nasty Correction In A Bull Market"
Speaking on the "When Shift Happens" podcast the previous week, Pal argued that Bitcoin has historically experienced multiple 50% drawdowns during bull markets and that the current weakness is following a familiar pattern.
"It’s a nasty correction in a bull market," Pal said.
