Raoul Pal, a former Goldman Sachs executive, is closely monitoring Bitcoin's 30-day historical volatility, which has dropped below 20 for the first time this year. This signal has preceded massive Bitcoin rallies five times in the past, and Pal believes hitting the 20 level could set the scene for Bitcoin to go on a huge run in the coming months.

Pal is also keeping an eye on Bitcoin's Bollinger Bands, which are currently the tightest on record. Meanwhile, Ethereum continues to trade within a bullish continuation pattern despite the marketwide correction over the past weeks.