Benzinga – Chris Burniske, the former head of crypto at ARK Invest and now a partner at venture capital firm Placeholder, has shared insights suggesting that the digital asset markets might be on the brink of an upward reversal.
Burniske’s comments came at a time when the crypto community had been displaying a predominantly bearish outlook.
Addressing his substantial following of 262,000 on social media platform X, Burniske noted the prevailing cautious sentiment among investors.
“Getting close to people being too consensus bearish – everyone timid,” he stated.
While he acknowledged the possibility of a credit event leading to a further market dip, he emphasized that given the extent of the recent market decline, any such downturn would likely be minor in comparison.
Burniske further expressed that he wouldn’t be taken aback by an unexpected upward market movement that might catch many by surprise.
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He confidently shared his current stance, saying, “Either way… comfy, long, accumulatinggggggggg.”
In a tweet earlier, Burniske drew a comparison to the market conditions of 2019, suggesting that major cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) are unlikely to hit new lows in 2023.
He opined, “2022 was the low imo.”
While he doesn’t rule out potential market challenges, Burniske remained optimistic about the long-term trajectory. He believed that the enduring uptrend will persist through 2024 and 2025.
He also cautioned his followers to be vigilant of “bottom vultures” who perpetually wait for lower prices but never commit to buying.
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