2024 Crypto Cliffhanger: VC Firm Co-Founder Warns of Bitcoin, Ethereum Collapse
October 05 2023 - 10:00AM
NEWSBTC
In a recent post, investor Chris Burniske expressed the belief that
a bottom is looming for the top cryptocurrencies. Burniske predicts
that Bitcoin and Ethereum could dip as low as $20,000 and $1,000,
respectively, with top altcoins, except Solana (SOL), hitting new
lows. Notably, BTC retraced from $28,000 to slightly above $27,600,
with ETH seeing a similar decline in the past few days.
Crypto Analysts Predicts Market Bottom Ahead Of Bull Run According
to the founder of Placeholder Capital, Chris Burniske, a bull
market will likely begin soon. However, the analyst believes
the upcoming bull run will be preceded by a bottom cycle in the
present financial quarter (Q4 2023). Furthermore, Burniske believes
that this bottom will lead to declining crypto prices.
According to his analysis, fear is high but only temporarily, as
sellers are exhausted. Burniske believes the predicted lows for the
top cryptocurrencies will present attractive buying opportunities
in preparation for the upcoming bull market. Fear is high, but
temporally and price-wise, selling exhaustion is near imo. Sure
$BTC could go to low $20Ks & $ETH to low $1Ks & most
everything long-tail (except $SOL) can hit new lows, but when we
look back on Q4 2023 & Q1 2024 it’ll be clear it was a good
time to be a buyer. https://t.co/I6hpKCw1Q8 — Chris Burniske
(@cburniske) October 4, 2023 The crypto analyst supported his
predictions with Linear charts, stating that it is easy to spot
tops and bottoms with such charts. For context, Linear charts show
the change in the price of an asset. Burniske believes it is up to
traders to choose their accumulation style with patience and
persistence. What Lies Ahead For Bitcoin And Ethereum?
Bitcoin trades at $27,697, with a 0.56% price increase in the last
24 hours. Ethereum’s, on the other hand, is $1,639, with a 0.45%
24-hour decline. Meanwhile, BTC has encountered stiff resistance at
$28,000, leading to a decline to $27,000 in the last few days. The
asset formed a bottom on the daily chart on September 11 before the
buyers forced a price recovery. Although BTC recovered
slightly, the sellers have continued to re-enforce the $28,000
resistance. If the selling pressure increases, a decline to the
$25,141 support level is possible in the coming days.
Moreover, the green MACD Histogram bars have faded, confirming a
drop in buying pressure as sellers reclaim dominion. Also, the RSI
is dropping from the buy zone and displays a value of 61.54.
If the RSI drops below 50, BTC may resume the downtrend in the
coming days. If Bitcoin drops further, a bottom cycle will likely
begin in the crypto market. The potential decline to the
$25,142 support level could facilitate a bull cycle. The reason is
that it presents an attractive entry level for the accumulation
phase. Ethereum To Follow Similar Trend As Bitcoin Also, ETH
displays a similar price trend to Bitcoin, with a prominent dip
likely to occur in the coming weeks. ETH is in a downtrend on
the daily chart, forming lower lows as sellers continue to dominate
the market. Based on its historical data, it formed a bottom
on September 11, after a similar decline before rallying on
September 12. Therefore, ETH will likely return to the $1551
support level to form a double-bottom pattern before another
rally. Also, its Moving Average Convergence/Divergence (MACD)
shows a weak buy signal with fading bullish histogram bars.
Additionally, the Relative Strength Index (RSI) indicator displays
a value of 49 and will likely drop to the oversold region.
Based on ETH’s past price action, traders should expect further
decline in the coming weeks before a recovery. Featured image from
Pixabay and chart from TradingView.com
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