Digital asset veteran Chris Burniske thinks the crypto market looks ready for a new bull run after witnessing months of correction.
The former crypto analyst at ARK Invest says on the social media platform X that digital assets have sufficiently cooled off after rallying from late 2023 to early 2024.
He shares a chart posted by Real Vision analyst Jamie Coutts to suggest that technical conditions are ripe for fresh surges.
“Crypto’s now emerging from a textbook ‘early bull’ reset. While the path remains volatile, don’t get shook, and it’s not too late if you’re sidelined.”
Looking at the overall landscape for crypto, Burniske says conditions are aligning in favor of the asset class.
“It’s not just favorable rates and liquidity that are promising for our asset class, it’s maturation of the infrastructure, builder experimentation with apps, and continued user growth with active addresses >3x’ing in the last year (yes, addresses are only a proxy for users).
Last month, Burniske said that a global liquidity boost is setting up crypto for big bursts to the upside.
“Sentiment reset and leverage flush while most quality crypto assets put in significantly higher lows than we saw in 2023. Meanwhile, central banks globally about to get forced into easing – a bit more turbulence possible in Q3, but regardless a beautiful early bull setup.”
Last week, Bitcoin (BTC) and the broader crypto market rallied after the Fed slashed interest rates for the first time since 2020.
At time of writing, BTC is trading for $63,217, up almost 30% from its six-month low of $49,000, which it hit in August.
Generated Image: DALLE3