Prominent cryptocurrency investor, analyst and co-author of crypto-investment book Cryptoassets , Chris Burniske posted an eighteen Tweet thread . In his thread, he warned cryptocurrency investors and user alike to "get ready for a predictable #crypto pattern: in the coming months".
Discussing the current digital assets bear market, the co-founder of Placeholder Ventures, and leader of the internet strategy team at ARK Investment Management, offered his predictions for the coming months. He opened his impromptu 'seminar' by predicting an increase in the number of Bitcoin loyalists lambasting altcoin investors for "straying from the mother ship [Bitcoin]."
Bear Market Deepens
Burniske expressed confidence in the prospect of the digital currency market's return to bullish form but gave a darker short term outlook, remarking that:
He pointed to bitcoin’s position as the benchmark cryptocurrency with every other digital asset, revolving around it's ‘gravitational field’ (liquidity-wise) as the reason that the market is currently in the doldrums:
#bitcoin isn’t out of the woods yet, as we are left to wonder if $6,000 is the new $200
While bitcoin continues to test resistance levels around the $6,000 to $7,000 span, the rest of the crypto market lies in wait. Giving bitcoin believers more to gloat about when a consolidation period arrives.
The market will predictably consolidate around bitcoin Burniske argues, which will likely give impetus to the next bull run. He also warns about a number of false starts before the market experiences a bull run-proper.
Burniske also suggested when the next major bull market might occur, noticing that most bull runs took place the year after the bitcoin reward halves:
Once the bull run kicks off, Burniske foresees other crypto taking a beating as bitcoin takes the lion's share of market activity:
Initially, if #bitcoin really rips, it will suck the air (and liquidity) out of the room. It is, after all, the trading pair of choice for the entire crypto ecosystem.Therefore, if no one wants to sell #bitcoin because they see its momentum, then other #cryptoassets could fall on a relative basis at the early stages of the next bull market
Burniske believes that other cryptocurrencies will rally once investors first consolidate after the first big Bitcoin push by taking profits and hedging into altcoins. He predicts that the rally will continue with market attention oscillating between bitcoin and the altcoin market, though he cautions that the increasing use of fiat-pegged stable coins and a new US tax law declaring crypto to crypto trading taxable - could potentially put a dampener on market movements in the next bull market.