Venture capitalist Chris Burniske thinks that the depressed sentiment that has seeped into the crypto market is not warranted.
The digital asset veteran tells his 299,600 followers on the social media platform X that both market technicals and fundamentals indicate that Bitcoin (BTC) and crypto are gearing up for higher prices despite gloomy trader sentiment.
[adinserter block="1"]According to Burniske, the price doldrums over the past few months appear to be overshadowing the progress being made by crypto projects behind the scenes.
“Signs of strength in the long tail while BTC and ETH consolidate and sentiment would make you think Satoshi died. All the while, blockchains continue seeping into the social fabric, even if none of it is fast enough for the impatient. Future is bright, of this I’m not uncertain.
Majors are in the same range as Q1 ‘24, infra keeps maturing and app experiments keep spreading (in variety and geography), but sentiment has completely inverted from Q1 – beautiful. What’s not to like? Don’t get shook.”
Burniske also says that narratives suggesting that the crypto bull market is dead are likely overblown. He highlights that digital assets have punched through all the negative press thrown during the previous cycles and this time won’t be different.
“All these made-up narratives about crypto’s demise, whereas in reality, all we need are patience and time.
While some have merit that allow us to improve, most of these made-up narratives are a form of trend following, working to explain a viral but fictitious problem.
And yet every cycle people talk themselves out of success, unable to hold focus or conviction through doldrums.
‘But, but, but… what about X, Y, Z this time?’
X, Y, Z are irrelevant – blockchains are relevant.”
Burniske is a staunch crypto bull, believing that the asset class is poised to hit a market cap of $10 trillion.
At time of writing, the market cap of crypto is hovering at $2.097 trillion.
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