Bitcoin (BTC) and Ether (ETH) could be on the verge of significant price adjustments, according to insights shared by prominent crypto venture capitalist Chris Burniske.
Burniske, the founder of Placeholder Capital, on the social media platform X offered a unique perspective on the current state of the cryptocurrency market, suggesting that a phase of selling exhaustion might be approaching.
Despite prevalent market fear, Burniske indicated that this might be an opportune moment for potential buyers to consider entering the market.
One of the key points Burniske raised in his X thread was the possibility of both Bitcoin (BTC) and Ethereum (ETH) experiencing price drops. According to his analysis, Bitcoin could potentially see a decline to the low $20,000s, while Ethereum might dip to the low $1,000s.
While these projections may raise concerns among investors, Burniske’s perspective suggests that these lower price levels could serve as attractive entry points for those with a long-term outlook.
Fear is high, but temporally and price-wise, selling exhaustion is near imo. Sure $BTC could go to low $20Ks & $ETH to low $1Ks & most everything long-tail (except $SOL) can hit new lows, but when we look back on Q4 2023 & Q1 2024 it’ll be clear it was a good time to be a buyer. https://t.co/I6hpKCw1Q8
— Chris Burniske (@cburniske) October 4, 2023
Crypto Long-Tail Assets Facing Uncertainty
In addition to Bitcoin and Ethereum, Burniske also touched upon the broader cryptocurrency market. He suggested that most long-tail assets, with the notable exception of Solana (SOL), could potentially hit new lows. This assessment highlights the volatility and unpredictability that often characterize the cryptocurrency landscape, underlining the importance of caution and strategic thinking for investors.
To reinforce his viewpoint, Burniske emphasized the value of utilizing long-term, linear charts to identify potential market bottoms. While these charts may appear simpler compared to more complex technical indicators, Burniske argued that they can offer clarity during tumultuous times.
He pointed out that just as it is relatively straightforward to spot market tops with these charts, it is also easier to identify the general bottom range, providing investors with valuable insights.
Optimism Amidst Dark Clouds
Despite his cautious stance on short-term market conditions, Burniske remained optimistic about the future. He expressed confidence that when looking back on the fourth quarter of 2023 and the first quarter of 2024, it will become evident that this period presented favorable opportunities for buying cryptocurrencies. This forward-looking perspective suggests that he believes in the long-term potential of the crypto market, even in the face of near-term challenges.
On the market, there’s an increase in the opening of long positions, and the cumulative 8-hour delta of Taker Orders is also in the positive zone.
Macro Alert pic.twitter.com/X4moAWhgIK
— Axel
Adler Jr (@AxelAdlerJr) October 4, 2023
Adding to the discussion, research analyst Alex Adler Jr. shared his insights on the state of Bitcoin’s long positions. He noted a notable increase in the number of long positions, which reflects growing confidence among traders. Additionally, Adler considered the state of Taker Orders, which measure both bid and ask positions in the derivatives market.
According to his analysis, the cumulative 8-hour delta of Taker Orders was positive, further reinforcing the notion that market sentiment was bullish.
As always, it is essential for individuals to conduct their research and exercise caution when considering investments in this volatile asset class.
Featured image from iStock
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments