Chris Burniske stated that the crypto market is heading towards a new bull run. Developments in market infrastructure and an increase in the number of users are among the positive signs. Bitcoin has gained 30% in recent weeks and continues to rise.
Veteran crypto asset investor Chris Burniske believes cryptocurrencies are preparing for a new bull cycle after a long-running correction. Why should investors be hopeful? Burniske emphasized on social media platform X that cryptocurrencies have cooled down sufficiently after the ongoing rally between late 2023 and early 2024. “Cryptocurrencies are coming out of an ‘early bull’ correction that fits the technical analysis books. The road may still be choppy, but don’t panic; it’s not too late for those waiting on the sidelines,” he said.
Favorable Market Conditions and Growth
Burniske noted that the positive conditions for cryptocurrencies are not only due to interest rates and liquidity, but also the maturation of the infrastructure and the experimentation of developers with applications. “Not only positive interest rates and liquidity, but also the maturation of the infrastructure and the experimentation of developers with applications are supporting factors. In addition, user growth, with the number of active addresses increasing threefold in the last year, reinforces the bullish sentiment,” he said.
Global Liquidity and Market Expectations
Last month, Burniske said the surge in global liquidity was priming cryptocurrencies for big upside. “As investor sentiment stabilized and deleveraging began, many of the quality crypto assets made much higher lows than we’ve seen in 2023. In the meantime, central banks are expected to ease globally—there could be some more turbulence in Q3, but overall I see a nice setup for an early bullish situation,” he said.
Last Wednesday, Bitcoin and the broader crypto market surged after the Fed cut interest rates for the first time since 2020. The cut was more than 25 basis points, similar to the cuts in 2000 and 2007, and such large cuts have been rare since the 1980s.
At press time, Bitcoin (BTC) is trading at $62,676, up nearly 30% from the six-month low of $49,000 seen in August. Given the current market dynamics, cryptocurrencies are likely to enter an uptrend supported by both technical and fundamental factors. Infrastructure advances and increased user activity, along with global economic conditions, could rekindle investor interest. However, it is important to remember that cryptocurrencies are always full of surprises; the price may not always move in the expected direction.
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