Digital asset expert Chris Burniskey believes the cryptocurrency market is ready for a new bull market after months of correction.
A former crypto analyst at ARK Invest told social media platform X that digital assets had cooled off sufficiently after rallying in late 2023 and early 2024.
He shared a chart posted by Real Vision analyst Jamie Coutts, suggesting that technical conditions were ripe for a new surge.
“Cryptocurrencies are now moving out of a textbook ‘early bull’ reset. Don’t waver while the path is shaky, and it’s not too late to get sidelined.”
Looking at the overall cryptocurrency landscape, Burnisk says all conditions are aligning in favor of the asset class.
“What’s promising about our asset class isn’t just the favorable rates and liquidity, it’s the maturing infrastructure, the builder experimentation with the app, and the continued user growth with active addresses more than tripling in the last year (yes, addresses are just a proxy for users).
Last month, Burnie said that cryptocurrencies could see a huge upside due to increased global liquidity.
“While sentiment is resetting and leverage is flushing, most quality crypto assets have hit much higher lows than we saw in 2023. Meanwhile, central banks around the world are set to force easing. Q3 could be a bit more chaotic, but it’s a beautiful early bullish setup nonetheless.”
Last week, Bitcoin (BTC) and the broader cryptocurrency markets rose after the Federal Reserve cut interest rates for the first time since 2020.
At the time of writing, BTC is trading at $63,217, up about 30% from its six-month low of $49,000 recorded back in August.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
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