Venture capitalist Chris Burniske believes the depressed sentiment that has seeped into the cryptocurrency market is unwarranted.
The digital asset veteran tells his 299,600 followers on social media platform X that technical and fundamental market data indicate Bitcoin (BTC) and cryptocurrencies are preparing for higher prices despite gloomy trader sentiment.
According to Burniske, the price declines over the past few months appear to be overshadowing the progress that cryptocurrency projects are making behind the scenes.
“Signs of strength in the long tail as BTC and ETH consolidate and sentiment would have you thinking Satoshi is dead. Meanwhile, blockchains continue to seep into the social fabric, though nothing is fast enough for the impatient. The future is bright, I’m not sure about that.”
The majors are in the same range as Q1 2024, infrastructure continues to mature, and app experimentation continues to spread (in terms of diversity and geography), but the sentiment has completely reversed from Q1 – beautiful. What’s not to like? Don’t let it shake you.
Burniske also believes that narratives suggesting that the cryptocurrency bull market is dead are likely overblown. He points out that digital assets have weathered all the negative press that has been spread in previous cycles and this time around will be no different.
“All these made-up stories about cryptocurrencies disappearing, when in reality all we need is patience and time.
While some of them have merits that allow us to improve, most of these invented stories are a form of trend following, aiming to explain a viral but fictitious problem.
And yet, with each cycle, people become discouraged from moving forward, unable to stay focused or convinced during times of depression.
“But, but, but… what about X, Y, Z this time?”
X, Y, Z are irrelevant – blockchains are relevant.
Burniske is a strong believer in cryptocurrencies, believing the asset class is on the verge of reaching a $10 trillion market cap.
At the time of writing, the cryptocurrency market capitalization hovers around $2.097 trillion.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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