Featured image from The Street, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Partner at the Venture Capital firm Placeholder Capital and prominent figure in the crypto community, Chris Burniske, has given an instance where assets like Bitcoin and Ethereum could see a repeat of what happened in mid-2019. New Highs Before A \u201cFinal Wipeout\u201d In a post shared on his X (formerly Twitter) platform, Burniske mentioned that a repeat of mid-2019 could happen if the top two cryptocurrencies, Bitcoin and Ethereum, were to \u201crip\u201d from their current levels. If that happens, the crypto founder believes that the broader crypto market could follow suit. Related Reading: XRP And Shiba Inu Rally Is Not Over According To This Indicator As to how these crypto tokens could go, he noted that they could rise enough to make people believe that they could hit new all-time highs soon, but that may not be the case as these investors could endure a \u201cfinal wipeout\u201d soon after (possibly in the first quarter of next year) with these tokens steady declining to higher lows.\u00a0 To drive home his point, Burniske suggested that Bitcoin and Ethereum\u2019s current price action shared similarities to the period between December 2019 and January 2019 before the \u201cpainful descent into March 2020 lows.\u201d According to him, although that period was the COVID era, \u201ceverything is also the same about the actors on the stage.\u201d Burniske seemed to be certain about his assertions. In a subsequent post, he warned investors that the rollercoaster \u201ccould get extreme\u201d in relation to what he had said earlier and urged them to have their seatbelts on.\u00a0 ETH price sitting at $1,844 | Source: ETHUSD on Tradingview.com Market Cycle And Macro Factors Affecting Bitcoin And Ethereum Many didn\u2019t seem to react well to Burniske\u2019s projections, considering that it could mean that the crypto market and everyone in it could be in more pain, even if a massive rally (as the crypto founder predicts) is likely to happen before that.\u00a0 A particular X user, however, seemed to agree with his position as he stated that Burniske\u2019s prediction makes so much sense as that is how the \u201ccycle psychology\u201d works, just that this time, it happens to line up \u201cperfectly\u201d with some highly likely macro scenarios. Burniske responded to the post as he agreed that those were the points he was trying to drive home.\u00a0 Related Reading: ProShares Goes Short On Ethereum With New ETF Launch One of these macro scenarios, which was alluded to, could be the rising inflation and how the Federal Reserve and other authorities globally are increasing interest rates to battle the economic downturn. Bloomberg analyst Mike McGlone had once mentioned how Bitcoin could crash to $10,000, with inflation being one of the factors that could lead to the decline.\u00a0 Another crypto analyst, Nicholas Merten, had also noted that Bitcoin could decline further if the Feds do not do enough to curb the rising inflation.\u00a0 Featured image from The Street, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":559123,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,13625],"tags":[428,656,1119,89185,1144,78790,8323,89213,1946,8686,78803],"class_list":["post-559115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-ethereum","tag-bitcoin","tag-bitcoin-news","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt","tag-eth","tag-eth-news","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n
Bitcoin And Ethereum: Crypto Pundit Says Expect A Repeat Of Massive 2019 Rally<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n