Venture capitalist Chris Burniske isn’t backing away from the crypto market despite the sector’s recent price woes.
Burniske tells his 325,100 followers on the social media platform X that he thinks the current downtrend is a mid-bull market pullback.
He also thinks the cycle top hasn’t arrived yet.
“BTC giving up a bit more ground isn’t going to change that view. Selling here is unlikely to be a good idea if you’re wavering – because if you’re selling here, it also tells me you’re prone to get sidelined on the way up. At worst, just sit on your hands, don’t even look at prices if it helps and you’re not going to do anything anyway. If you have any dry powder left, add bits here and there if things look really attractive to you, or when you feel sickest. [Not financial advice], just sharing my two sats.
It looks to me like alts led BTC, BTC led equities. Equities might have some more shaking out to do, but remember this: BTC and crypto assets are the fastest horses in finance, to the downside and upside. If equities go soft enough, measures will be taken to avoid any major or systemic weakness, because Trump’s favorite scoreboard is the stock market – and crypto assets will feel those measures most acutely.”
BTC is trading at $87,694 at time of writing. The top-ranked crypto asset by market cap is up nearly 1% in the past 24 hours.
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