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Chris Burniske, a former crypto lead at Cathie Wood’s Ark Invest fund, has taken to his account on the X social media platform to respond to a question from an X user about the current pullback in the middle of the bull market.
He believes it is not all as bad as it may seem and named an example from the recent past when a similar drawdown later grew into a massive bullish continuation for Bitcoin and altcoins.
"Not sign of cycle top"
Burniske responded to a question from a cryptocurrency enthusiast on X as to whether the current market reverse indicates the bull cycle top. The influencer believes it is by far not so and called it “mid-bull pullback that makes everyone question god.”
He recalled that the market faced a similar U-turn back in 2021 — “April, May, June” — when Bitcoin and top altcoins crashed by 50-80%. He shared a Bitcoin chart from those days for a clearer demonstration. Then, Burniske reminded his X audience, a lot of traders said “it was over,” “top callers gloated” and then, he said, “we ripped in 2H ’21.”
In October 2021, after the SEC approved Bitcoin futures ETFs, Bitcoin soared to an all-time high of really close to $69,000. Before that, in April, BTC ripped, reaching a historic peak above $63,000 after Elon Musk’s Tesla purchased $1.5 billion in Bitcoin and started accepting BTC when selling its e-cars. That state of things did not last long, though, and Musk voiced his environmental concerns over the Bitcoin mining operations, which run on the proof-of-work consensus.
Yuri MolchanBitcoin plunges below $100,000
Over the past day, Bitcoin has gone down by roughly 3.43%, falling from the $100,000 level and going back to $96,160 by now. In the past week, it has tanked by 9.31%, losing the $106,000 price mark.
Bitcoin has been following traditional markets here, which have been plunging over the recently implemented U.S. economic moves regarding Mexico, Canada and China, and the response measure introduced by China against the U.S.
Dan Burgin
Vladislav Sopov