Prominent Venture Capitalist Predicts Bottom Formation for Top Cryptos
A well-known digital asset venture capitalist, Chris Burniske, believes that the top cryptocurrencies by market cap are nearing their bottom formation. According to Burniske, a bull market is on the horizon, making the current financial quarter a clear cycle bottom for crypto prices.
Burniske emphasizes that although fear is prevalent in the market, selling exhaustion is imminent. He suggests that while Bitcoin (BTC) could potentially drop to the low $20,000s and Ethereum (ETH) to the low $1,000s, Q4 2023 and Q1 2024 will be viewed as favorable buying opportunities in hindsight.
Linear Charts Indicate Market Bottom Formation
Burniske points to linear charts of various cryptocurrencies as evidence that the market bottom is forming. Linear charts track the absolute price change of an asset and can help identify general bottom ranges. The venture capitalist advises investors to develop their own accumulation strategies with patience and persistence.
Using Ethereum as an example, Burniske illustrates how the cryptocurrency is currently testing both the 200-week simple moving average (SMA) and the 200-week exponential moving average (EMA) as support. These indicators are commonly used by traders to determine market trends.
Crypto Market Updates
As of now, Ethereum is trading at $1,649, experiencing a 0.7% increase in the last 24 hours.
Hot Take: Chris Burniske Anticipates Selling Exhaustion and Bull Market
Venture capitalist Chris Burniske predicts that the top cryptocurrencies are approaching their bottom formation. Despite prevailing fear in the market, he believes selling exhaustion is near. While there may be further drops in prices for Bitcoin and most altcoins, Burniske expects Q4 2023 and Q1 2024 to be viewed as opportune times for buyers. He supports his perspective by analyzing linear charts of various cryptocurrencies and noting the testing of key support levels. With Ethereum as an example, Burniske showcases the significance of the 200-week SMA and EMA. As the market shows signs of bottoming out, investors can anticipate a potential bull market in the near future.
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