Venture capitalist Chris Burniske warned about a deep correction for crypto markets and cryptocurrency prices. In particular, he shares his thoughts that there could be a sell-off on January 20th, the inauguration day of US President-elect Donald Trump. However, Burniske notes that this correction will probably not signal the end of the crypto bull market. Burniske has previously predicted that the total market capitalization of Bitcoin and crypto assets will rise to $10 trillion. However, he thinks that this goal is difficult to realize in this cycle. Here are all the details…
Chris Burniske warns on cryptocurrency prices
Venture capitalist Chris Burniske thinks crypto has more time before the market witnesses a deep deleveraging event. The crypto expert tells his 312,000 followers on social media platform X that he thinks President-elect Donald Trump’s inauguration day will be a sell-off event. However, Burniske explains that the correction expected on January 20 will probably not mark the end of the crypto bull market. In November 2022, when Bitcoin (BTC) and crypto were carving the bottom of a cycle, Burniske predicted that the total market capitalization of crypto assets would rise to $10 trillion in that cycle. Now, however, the investor says that the massive price target is probably unachievable, at least in this cycle. Burniske’s statements are as follows:
Dream the post-election dream now, shake it up later. The opening makes the most sense because reality can never match the dream. But this shakeup won’t be the last, even if the paper will scare the hands into believing it is. People won’t like me saying this, but if $10 trillion is the round number target, we’ll probably be below it this cycle. That was a good rallying cry from the bottom of a capitulation and it will prove directionally correct this cycle, but it will be surpassed in time. However, as we enter a period of frenzy where dreams grow bigger every day and bull market geniuses abound, it is important to be realistic.
For example, calls for $100,000 and $10,000 for BTC and ETH in 2021 were all over the place and at the time we capped them at ~$70,000 and ~$5,000 respectively, BTC is only now reaching that target – let’s learn from this… “HODL” forever for some coins, of course. But also profit from the craziness and live your life. Time is even more valuable than BTC. Never aim for perfection, or you will always miss.
There is a rise in market value
At the time of writing, the total crypto market capitalization stood at $3.865 trillion. In conclusion, Burniske says it’s important to be realistic. He admits that making profits is critical, especially in this crazy period when dreams are getting bigger every day. Still, he emphasizes the need to focus on opportunities to live life.
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