Chris Burniske Drops 'Satoshi is Dead' Setup, but There's Bullish Punchline

Published 08/09/2024, 14:52
Updated 08/09/2024, 19:15
Chris Burniske Drops \'Satoshi is Dead\' Setup, but There\'s Bullish Punchline
BTC/USD
-
ETH/USD
-

U.Today - The past few weeks have seen a big drop in the cryptocurrency market, with Bitcoin losing 12% of its value from its weekly high, dropping to $52,550. This pullback led to the overall cryptocurrency market capitalization shrinking by 3.71%, which is about $73 billion according to the TOTAL index. The drop in prices has led to a pretty negative market sentiment, which seems to be at its lowest point in recent months.

Despite the gloomy outlook, Chris Burniske, a well-known crypto expert and partner at Placeholder VC, shared a bullish perspective.

He pointed out that, even though Bitcoin and Ethereum are going through a period of consolidation, there are signs of strength across a wider range of blockchain projects. Even though the market is down, blockchains are still making their way into the wider social and tech landscape, noted the expert.

Burniske's optimistic view is not a new one. He was right about Solana last year when the price went back up after dropping to $9. This made him a lot more credible when the project actually came back from the dead.

Bullish unlocks

Now, the expert suggests there might be some good news on the horizon in the next few weeks. He thinks some big token unlocks and conferences could shift the sentiment once again.

It is worth mentioning that the crypto market is gearing up for a few major unlock events that could have an impact on price movements. Next up are XAI (6.28%, $6.44 million) and GMT (3.68%, $9.79 million) on Sept. 9, followed by APT (2.23%, $66.39 million), ICP (0.51%, $17.04 million) and MOCA (2.01%, $17.12 million) on Sept. 11. On top of that, STRK is set to have a 3.6% ($27.63 million) unlock on Sept. 15.

While the sentiment in the market may currently feel as though "Satoshi is dead," as Burniske says, the upcoming events and continuing blockchain progress signal a potential bullish shift on the horizon.

This content was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.