Burniske’s Take on the Current Crypto Correction
Veteran crypto investor Chris Burniske thinks the recent Bitcoin (BTC) and crypto market downturn is just a temporary dip, similar to the one seen in April 2021. He tweeted to his hundreds of thousands of followers that the current situation mirrors the mid-cycle correction of 2021, where prices dropped significantly before a strong recovery. He doesn’t believe this is the end of the bull run, but rather a normal pullback. He points out that many coins fell 50-80% during the 2021 dip, causing many to panic and predict the market’s demise, only to be proven wrong later in the year.
A Repeat of History?
Burniske, a partner at Placeholder, a venture capital firm, predicts that this current correction will soon be forgotten as the market recovers. He notes that many people have already conveniently forgotten the significant volatility of 2021, remembering only the overall gains. He emphasizes that even during bull markets, significant price swings are to be expected.
Long-Term Outlook Remains Positive
Burniske maintains a positive long-term outlook for major cryptocurrencies like Bitcoin, Ethereum (ETH), and Solana (SOL), stating that they are all performing well in the long run. While acknowledging that some projects have suffered losses, he sees opportunities within this downturn.
Current Prices
At the time of writing, Bitcoin was trading around $96,747, Ethereum at $2,644, and Solana at $201.50.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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