Bitcoin & Ethereum Bottoming Out? Chris Burniske Cites 'Selling Exhaustion' Reasons
Top Cryptos Nearing Bottom, Says Leading Digital Asset VC
"Prominent Crypto Investor Foresees Bull Market: 'Good Time to be a Buyer'"
Chris Burniske, founder of Placeholder Capital, recently hinted at an optimistic future for crypto prices. Sharing his insights with 263,600 followers on platform X, Burniske opined that the ongoing financial quarter could witness a definitive cycle bottom for cryptocurrency rates.
Highlighting the current sentiments, he remarked, "Fear is predominant, but from a temporal and price perspective, we're nearing a selling exhaustion. While BTC might dip to the low $20,000s, ETH to the lower $1,000s, and most other long-tail cryptos (barring SOL) could plummet to fresh lows, a retrospective look at Q4 2023 and Q1 2024 would most likely underline it as an opportune buying phase."
Burniske further stated that linear charts, which depict absolute price alterations of assets, are indicative of an impending market bottom. Distinguishing between chart types, he explained that while linear charts show outright price shifts, logarithmic charts represent relative changes based on percentage variations in asset value.
Simplifying his perspective, Burniske added, "Focusing on long-term, linear charts can reveal market tops and bottoms. The key is then to adopt a consistent accumulation strategy, with patience and persistence being the hallmarks of savvy investors."
A noted trader recently highlighted significant movements on the Ethereum (ETH) chart. Post a sharp decline, Ethereum is now retesting two crucial markers: the 200-week simple moving average (SMA) and the 200-week exponential moving average (EMA). Both these indicators are pivotal tools traders employ to gauge market trajectories.
Currently, ETH is priced at $1,649, marking a 0.7% increase over the past day.
Oct 05, 2023