E Point Perfect – Interesting and beneficial content

Ex-Ark Invest Crypto Lead Says What’s Going to Happen with Market


article image

Arman Shirinyan

Cryptocurrency analyst believes that we need another plunge prior to recovery rally


Chris Burniske, the ex-Ark Invest crypto lead, described his own scenario, after which the cryptocurrency market will finally enter a reversal rally. At the same time, the analyst does not expect things to go as badly as they did back in 2008.

“One more big flush”

In his most recent post, Burniske told his followers that the market needs one more big flush that will price in all the pessimism among market participants. According to various sentiment indicators, most cryptocurrency traders and investors are still in fear despite the relative calmness of the market.

With another plunge down, the cryptocurrency market will most likely reach the long-awaited bottom and enter a prolonged consolidation. After a cool-off, institutional investors might pay more attention to oversold assets, hence, providing more buying power and pushing the value of the market higher.

According to institutional inflows to the cryptocurrency market we mentioned previously, most investors are avoiding investments into digital assets and only putting funds into short-BTC ETFs and other investment tools.


What’s happening with market now?

On Sept. 5, the DXY index that represents the value of the U.S. dollar against the bracket of foreign currencies reached a 20-year high, which undoubtedly affected the digital assets market.

While effects from the U.S. dollar’s rally might not be as devastating as one would expect, it is a huge risk factor that pushes potential investors away from cryptocurrencies that are related to high-risk assets.

At press time, Bitcoin is trading at $19,969 and moving in the non-volatile consolidating range formed since Aug. 28.


Source link

Related posts

Anti-Tech Consumers Prefer Crypto Payments, Report

XRP Price Analysis for January 18

Aptos (APT) Hyped Tokenomics Finally Unveiled Ahead of Listing on Binance and FTX

Arthur Hayes Explains Why Bitcoin Has Likely Bottomed Out

Bitcoin (BTC) Reacts to Genesis’s Bankruptcy Filing

Bitcoin (BTC) Price Analysis for August 14