Former president of Ark Invest, Chris Burniske, reiterated his call that the cryptocurrency is preparing to enter a new bull market. Burniske, a partner at Placeholder and former crypto head at Ark Invest, says that the crypto space is ready to emerge stronger than before.
Expectations of Rise in Cryptocurrencies!
Chris Burniske, a leading figure in the cryptocurrency markets, referred to Bitcoin‘s (BTC) all-time high of $69,000 reached in November 2019, stating that the markets could be in a better position than before. The expert analyst stated the following:
Every action has an equal and opposite reaction: Newton’s third law also applies to cultural movements. Regulatory pressure? The market responds and gains legal clarity. Are people selling under duress? Some investors are buying.
However, Bitcoin, the leading cryptocurrency, was triggered by the spot ETF application of the global company BlackRock. BlackRock’s ETF application is still under evaluation by the SEC. According to experts, a positive outcome for the ETF could bring a new rise to the markets.
The Impact of the Fed on Bitcoin!
The investor previously called for a slight correction before the markets enter a new bull phase. He stated that this could be the last major entry point for crypto bulls who want to continue the next cycle if prices fall in the near future. Burniske stated the following:
Bears will likely have another chance for a 20-40% drop in quality cryptocurrencies before the real party starts in 2025. The real question is at what prices this drop will start… The Fed will push until something breaks. I can’t wait until we’re back from the dead. Infrastructure and product improvements will provide us with applications with 10-100 million+ MAUs (monthly active users), exactly when the skeptics say it will never happen.
