Venture capitalist Chris Burniske says crypto investors with long-term conviction should look for entry into the market amid the correction.
Burniske, a former analyst at Cathie Wood’s ARK Invest and current partner at Placeholder, says Bitcoin (BTC) has likely already hit its bull run lows, and given that “quality alternatives” have fallen significantly, there are opportunities for that Crypto bulls abound.
“I love where the market is right now. BTC triggers fear of the abyss in people with PTSD (post-traumatic stress disorder) when it has already filled the liquidation wick and fallen by up to ~15% from its recent highs.
Quality alternatives are holding or making higher lows on a number of key time frames. Funding rates and sentiment show that the blood has drained from the faces of the late-blooming bulls.
Santa Claus provided relief for a day, but not to the full extent. However, with all the bullish developments in the fourth quarter now obscured by bouts of fear in the market, the backdrop is favorable as we enter 2025. “It’s always unpredictable and volatile in the short term, but if you’re a long-term investor with conviction, you should be drooling.”
