Real Vision Founder Says Bitcoin Is Regaining Strength Against the Nasdaq

Highlights:

• Raoul Pal says Bitcoin has broken its recent downtrend against the Nasdaq, improving the short-term technical outlook.
• Pal believes the bigger opportunity may be developing across altcoins rather than Bitcoin alone over the longer term.
• He urged investors to stay patient, focus on long-term market cycles, and avoid using excessive leverage.

Bitcoin may be starting to regain strength against U.S. technology stocks, according to Real Vision founder and macro investor Raoul Pal. In a September 19 post on X, Pal said Bitcoin has broken its recent downtrend against the Nasdaq 100, or NDX, while technical signals are also showing signs of a possible shift in momentum.

Pal has argued for the past several months that Bitcoin could outperform the Nasdaq as global liquidity conditions change. In his latest update, he pointed to the BTC/NDX chart and said the shorter-term setup has improved. “Shorter terms, BTC has broken the downtrend vs NDX… and put in some perfect DeMark lows,” Pal wrote.

The Nasdaq 100 tracks 100 of the largest non-financial companies listed on the Nasdaq exchange. Comparing Bitcoin with the index helps traders see whether BTC is gaining or losing strength relative to major technology stocks. Pal’s latest charts showed Bitcoin breaking above the downward trend that had weighed on the BTC-to-Nasdaq ratio. He also highlighted DeMark 9-13 signals, technical indicators traders use to identify periods when an existing trend may be running out of momentum.

My view for a couple of months is that BTC outperforms the NDX going forwards as fiscal dominance and the need to refinance meets The Everything Code (the need for more liquidity to fund it). As rates broke higher, crypto rose sharply… there is signal in that… 1/ pic.twitter.com/EvwnVW2q03

— Raoul Pal (@RaoulGMI) September 18, 2026

 

Real Vision Founder Sees a Bigger Opportunity Beyond Bitcoin

While Pal sees an improving Bitcoin setup, he said the larger opportunity could be elsewhere in the crypto market. “But the bigger game in town is OTHERS. None of this is short term stuff,” he wrote.

OTHERS is a TradingView index that tracks the total cryptocurrency market capitalization outside the 10 largest crypto assets. Traders often use it to follow smaller altcoins without the market being dominated by Bitcoin, Ethereum and other large-cap tokens. Pal stressed that his view is focused on a longer time horizon rather than short-term price moves. He also addressed investors who remain underwater on larger crypto projects.

“Yeah, holders are down but if you are in larger protocols and are complaining you are down, you don’t understand time horizon or volatility or risk reward. The GMI Compounding Machine on Real Vision forces you to understand that you need to buy when oversold to compound,” he added.

However, Pal did not present the setup as a guaranteed rally. He said investors still need patience and warned against using leverage, which can increase both profits and losses. He closed the thread by saying, “As ever, let’s see but things seem to be lining up nicely. Patience, as ever, is rewarded. Leverage never is.”

Bitcoin is trading at around $80,316 at the time of writing, down approximately 1.1% over the past 24 hours, according to CoinMarketCap. BTC has still gained about 4% over the past seven days. The cryptocurrency remains roughly 36% below its all-time high of $126,198, reached on October 6, 2025.