Digital asset veteran Chris Burniske thinks the crypto market appears poised for a new bull run after months of correction.
The former crypto analyst at ARK Invest say on social media platform
He shares a chart from Real Vision analyst Jamie Coutts to suggest that technical conditions are ripe for new gains.
“Crypto is now emerging from a textbook ‘early bull’ reset. Although the path remains fleeting, don’t be deterred, and it’s not too late if you’re sidelined.”
Looking at the overall landscape for crypto, Burniske say Circumstances are favorable for the investment category.
“It’s not just favorable rates and liquidity that hold promise for our asset class, it’s also the maturation of infrastructure, experimentation with apps by builders, and continued growth in the number of users with active addresses >3x in the past year (yes , addresses are just a proxy for users).
Last month, Burniske said a global liquidity boost is causing crypto to have major upside bursts.
“Sentiment is being reset and leverage is rising as most high-quality crypto assets are hitting significantly higher lows than we saw in 2023. Meanwhile, central banks worldwide are about to be forced into easing – some more turbulence possible in the third quarter, but a nice early bull setup regardless. ”
Last week, Bitcoin (BTC) and the broader crypto market rebounded after the Fed cut rates for the first time since 2020.
At the time of writing, BTC is trading at $63,217, up nearly 30% from the six-month low of $49,000 it reached in August.
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