Venture capitalist Chris Burniske believes there is more time before the cryptocurrency market witnesses a serious deleveraging event.
The cryptocurrency veteran told his 312,000 followers on social media platform X that he thinks President-elect Donald Trump’s Inauguration Day will be a popular news event.
However, Burniske stated that the correction expected on January 20 will not mean the end of the cryptocurrency bull market.
“Dream after the election now, then shake it off. The inauguration ceremony is most meaningful because reality can never match dreams. But the shaking will not end. Although it will scare the paper into believing it is true.”
When Bitcoin (BTC) and cryptocurrencies hit their cycle bottom in November 2022, Burniske predicted that the overall market capitalization of digital assets would soar to $10 trillion in this cycle. But now the investor says his massive price target won’t be met, at least not this cycle.
“People won’t like me saying this. But if $10 trillion is the goal, it’s likely we won’t meet it this cycle.
It was a good cry from the bottom of the capitulation and the direction of this cycle will be proven correct, but in time it will be exceeded. That said, it’s important to be realistic as we enter a period where dreams are growing bigger by the day and the bull market geniuses are becoming more and more crazy.
For example, in 2021, $100,000 and $10,000 calls for BTC and ETH were all over the place, then capped at ~$70,000 and ~$5,000 respectively, and BTC has only now reached those targets. There is a lesson…
Of course, you can HODL (hold on dear life) some coins forever, but you can also go crazy and profit from them and live your life with them. Time is more precious than anything else BTC. Don’t aim for perfection. Otherwise, you’ll always miss it.”
As of this writing, the total cryptocurrency market cap is $3.865 trillion.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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