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Former lead crypto analyst at ARK Invest Chris Burniske gave his view on the current positioning of Bitcoin (BTC) price on the chart. As the expert stated, where bearish investors see a range moving toward a breakdown, he sees a beach ball, meaning BTC, which cannot be kept down.
At the same time, Burniske does not deny that the market could see both $20,000 and $30,000 for Bitcoin during this year. In his view, cryptocurrencies are too volatile to deny such scenarios. However, for those waiting for BTC below $10,000, the expert ironically wishes for patience.
According to the analyst, macroeconomic indicators, in particular the dollar index (DXY) and rates, are still playing a decisive role right now. If both begin to decline, Bitcoin could easily break through the $25,000 resistance. The expert is also focusing on the Ethereum (ETH) price action against BTC, which in his view could explode with fireworks at some point.
Burniske has been sharing optimistic forecasts since late November, urging investors not to put a cross on the market after the FTX collapse. Then a few days after the armageddon began, he hoped to meet everyone at $10 trillion, referring to the total capitalization of the crypto market.
In January, he reasoned that staying on the sidelines could be painful, and he prefers to "enjoy the ride." At that time, the expert said that if the market retraces back, he would simply buy more — the same strategy he is pursuing now.
Vladislav Sopov