A well-known digital asset venture capitalist, Chris Burniske, predicts that the current financial quarter will serve as a cycle bottom for cryptocurrency prices. In a tweet to his 263,600 followers on the social media platform X, Burniske states that a bull market is on the horizon. While fear among investors remains high, Burniske believes that selling exhaustion is near. He suggests that Bitcoin (BTC) could potentially reach the low $20,000s and Ethereum (ETH) could go as low as the low $1,000s, but he expects Q4 2023 and Q1 2024 to be recognized as good buying opportunities.
To support his claims, Burniske points to linear charts of various cryptocurrencies, which indicate that the market bottom is forming. Linear charts show the change in the absolute price of an asset, while logarithmic charts show the relative change based on the percentage increase or decrease in an asset’s value. Burniske prefers the simplicity of the long-term linear charts to identify both market tops and general bottom ranges.
Examining Ethereum specifically, Burniske reveals that it is retesting both the 200-week simple moving average (SMA) and the 200-week exponential moving average (EMA) as support. These are important indicators that traders use to determine market trends. At the time of writing, Ethereum is trading at $1,649, experiencing a 0.7% increase in the last 24 hours.
It’s important to note that the views expressed by Burniske are his own opinions and do not constitute investment advice. Investors should conduct their own research and due diligence before making any high-risk investments in cryptocurrencies or digital assets.
In conclusion, Chris Burniske, a prominent digital asset venture capitalist, believes that the current financial quarter will mark the bottom for cryptocurrency prices. He suggests that a bull market is on the horizon and cites linear charts as evidence that the market bottom is forming. While his predictions are not guaranteed, they provide insight into the potential future direction of cryptocurrency prices. As always, it is advisable to conduct thorough research and exercise caution when making investment decisions in the volatile cryptocurrency market.