Venture capitalist Chris Burniske has made a sudden shift in his stance on Bitcoin and cryptocurrency, predicting a surge in market value.
Bullish Pivot
Burniske, who previously predicted the crypto market bottom in 2022, turned bearish in February. However, he now believes that Bitcoin is mirroring its price action from late 2020, when it struggled to surpass its previous all-time high.
Resistance is Futile
“Resistance against the algorithm is futile,” Burniske stated. He compared Bitcoin’s current consolidation to its previous breakout above $20,000.
Bullish Continuation Pattern
Pseudonymous analyst Rekt Capital observed that Bitcoin has formed a bullish continuation pattern by turning an old resistance level into support.
Current Market Situation
At the time of writing, Bitcoin is trading at $68,148. Burniske’s bullish outlook aligns with the technical analysis of Rekt Capital, suggesting a potential surge in market value.
