Venture capitalist Chris Burniske has shifted his stance on Bitcoin BTC/USD and the broader crypto market, now expressing strong bullish sentiments.
What Happened: Burniske believes the market is poised for significant growth, Daily Hodl reported on Tuesday.
Burniske, a partner at Placeholder, shared with his 291,800 followers on X that he has been “hijacked by unapologetic bullishness.” This marks a notable change from his bearish outlook in February, just before Bitcoin reached its all-time high of around $73,000.
After months of market consolidation, Burniske now sees Bitcoin’s price action as reminiscent of late 2020, when it struggled to surpass its previous all-time high of $20,000. He suggests that resistance against the algorithm is futile, drawing parallels between past and current price movements.
His optimistic pivot comes as Bitcoin has traded above $68,000 in the past week. Pseudonymous analyst Rekt Capital also noted to his 476,200 followers on X that Bitcoin is forming a bullish continuation pattern, turning old resistance into new support.
Why It Matters: This shift in sentiment from Burniske comes at a crucial time for the crypto market. Just recently, Bitcoin’s price fell sharply, dipping below $67,000 during the Asian trading session, raising concerns about a potential reversal in the recent bullish trend. Data from TradingView recorded a 4% dip, bringing Bitcoin's price to lows of $66,732 on Bitstamp following the daily close. The inability to maintain support at the critical $69,000 level has left Bitcoin bulls struggling against thin exchange order book liquidity.
Additionally, world-renowned author and investor Robert Kiyosaki recently emphasized Bitcoin’s potential, calling it the simplest path to becoming a millionaire. Kiyosaki highlighted the obvious obstacles to starting a business and the high levels of intelligence and hard work required, in addition to sheer luck, to make it succeed.
Moreover, technical analyst JC Parets of AllStarCharts noted that Bitcoin is on the cusp of a significant technical breakout if it surpasses its previous peak of about $73,800. Maintaining levels above $70,000 increases the likelihood of Bitcoin reaching $100,000.
Image: Tamim Tarin from Pixabay
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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