A prominent digital asset venture capitalist believes that the adoption of a Bitcoin (BTC) exchange-traded fund (ETF) on the spot market could cause the king crypto to fall.
Chris Burniske, the founder of Placeholder Capital, tells According to his 268,800 followers on social media platform term causes. term.
He also believes a rejection would lead to a sellout.
“That said, I still think the approval period for BTC ETF around January 10, 2024 is a blur:
- Rejections: Sale.
- Approvals: Everyone who is going to buy bought in anticipation.
It will take time to turn on the marketing machines of TradFi giants (traditional financial companies) and convert the approvals into buying flows.
Fade away.”
The trader warns that Bitcoin’s uptrend could fall like in 2019 after a strong rise, possibly in the first quarter of next year.
“I see we’re in a full-send rotation game, I’ve lost track of how much beer everyone has deep. That’s difficult, but the drinking can easily continue into January. My base scenario is still in play.
“If BTC and ETH break here, and everything else follows, we could be looking at a repeat in mid-2019 – just high enough to make people believe that maybe, just maybe, new ATHs (all-time highs) are around are the corner, before enduring a final wipeout (Q1 ’24?) and moving solidly higher [price] lows. ”
The trader too say that it may still be a while before blockchain use cases alone can trigger a bull cycle.
“I don’t think we’re ready for a full-on bull-bull on the product front, because there’s still some polishing and shipping to be done on UX (user experience) and new apps, to usher in the next order of magnitude of users . Nice things are coming up, but not enough in number or scale. The coming quarters will change that.”
Bitcoin is trading at $43,932 at the time of writing, up slightly in the past 24 hours.
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