Markets
Chris Burniske says he was “hijacked by unapologetic optimism” in Bitcoin and predicts crypto market surge
June 11, 2024 10:05 am | 2 minutes reading
Venture capitalist Chris Burniske changed his stance Bitcoin (CRYPTO: Bitcoin) 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 was “hijacked by unapologetic optimism.” This marks a notable shift from its 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 record high of $20,000. He suggests that resistance against the algorithm is futile, drawing parallels between past and current price movements.
Its bullish pivot comes as Bitcoin traded above $68,000 last 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 does this matter: This shift in sentiment from Burniske comes at a crucial time for the crypto market. Recently, the price of Bitcoin fell drastically, falling below $67,000 during Asian trading, raising concerns about a possible reversal in the recent uptrend. TradingView data recorded a 4% drop, bringing the price of Bitcoin to lows of $66,732 on Bitstamp after the daily close. The inability to maintain support at the critical $69,000 level has left Bitcoin bulls struggling with thin liquidity in the exchange’s order book.
Additionally, world-renowned author and investor Robert Kiyosaki recently emphasized the potential of Bitcoin, 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, as well as pure luck, to make it successful.
Furthermore, technical analyst JC Parets from AllStarCharts noted that Bitcoin is on the verge of a significant technical breakout if it surpasses its previous peak of around $73,800. Holding levels above $70,000 increases the likelihood of Bitcoin reaching $100,000.
Read next: GameStop, Nvidia, Tesla, Amazon and Dogecoin Trader Predicts ‘Breakout Any Day’: Benzinga Bulls
Image: Tamim Tarin from Pixabay
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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