Venture Capitalist Chris Burniske Predicts Crypto Market Correction
Veteran crypto investor Chris Burniske believes that the cryptocurrency market still has room to grow before experiencing a significant deleveraging event. In a recent post on the social media platform X, Burniske shared his thoughts with his 312,000 followers, suggesting that the inauguration day of President-elect Donald Trump could trigger a sell-off event.
However, Burniske clarified that while he expects a correction on January 20th, he does not believe it will signal the end of the crypto bull market. He stated, “Dream the post-election dream now, shakedown after. Inauguration makes most sense as reality can never match the dream. But that shakedown won’t be the end, though it will scare paper hands into believing it is.”
Back in November 2022, during a cycle bottom for Bitcoin and crypto, Burniske predicted that the total market cap of digital assets would reach $10 trillion. However, he now acknowledges that this ambitious target may not be achieved in this current cycle. He cautioned, “People won’t like me saying this, but if $10 trillion is the round number target, then we likely fall short of it this cycle.”
Burniske emphasized the importance of being realistic in the current market frenzy, advising investors to take profits during peak periods and not aim for perfection. He reflected on past price predictions for Bitcoin and Ethereum, noting that while targets were set high, they were not always met. He urged investors to HODL some coins for the long term but also recommended taking profits to enjoy life.
As of now, the total crypto market cap stands at $3.865 trillion, indicating significant growth potential in the industry. Burniske’s insights provide valuable guidance for investors navigating the volatile crypto market.
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