Prominent analyst believes cryptocurrency traders should be more optimistic
A prominent cryptocurrency market analyst who previously managed Ark Invest’s cryptocurrency fund has expressed his feeling about the rally we are seeing on the market today. According to Burniske, the tendency we are seeing today is not necessarily a short-term rally and might lead to the kind of results the market witnessed back in 2019.
Back in 2019, as Burniske mentioned, Bitcoin and Ethereum had quadrupled their value throughout the year, with some long tails outperforming. Even without a long-term reversal of the market, the tendency prevailing today might still bring some solid profits to investors.
Lots of “muhhhh bear mkt rally” folks, often alluding to 2019.
In 2019 $BTC & $ETH more than 4x’d intra-year, with some long tails outperforming.
Painful to be on the sidelines for a move like that. I’d prefer to enjoy the ride and buy more if we significantly retrace later.
— Chris Burniske (@cburniske) January 15, 2023
Burniske revealed that it is painful to be on the sidelines for a move like that, and he would prefer to enjoy the ride and buy more if the market retraces later significantly. Previously, Burniske has been solid in his thoughts about the market and stated numerous times that he is going to increase his position on the market gradually, not looking back at the present state of the market.
Practically, Burniske’s thoughts about the market and strategy is based on wave-trading — a common practice among investors who tend to ride mid- and long-term trends on the market, avoiding prolonged corrections or accumulating through them, which negates the effects of poor market performance.
As for now, Bitcoin is still trading in the upper range of the price channel that formed back in June, when the first cryptocurrency just entered the prolonged $25,000-$15,000 trading range. Unfortunately, the impressive performance the crypto market is showing us will barely cover the losses of investors who opened their first BTC and other cryptocurrency positions on the market.
Unfortunately, as analysts like Peter Brandt have mentioned, there are now ways to properly determine where and how the market will move in the forseeable future.
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