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The past few weeks have seen a big drop in the cryptocurrency market, with Bitcoin losing 12% of its value from its weekly high, dropping to $52,550. This pullback led to the overall cryptocurrency market capitalization shrinking by 3.71%, which is about $73 billion according to the TOTAL index. The drop in prices has led to a pretty negative market sentiment, which seems to be at its lowest point in recent months.
Despite the gloomy outlook, Chris Burniske, a well-known crypto expert and partner at Placeholder VC, shared a bullish perspective.
He pointed out that, even though Bitcoin and Ethereum are going through a period of consolidation, there are signs of strength across a wider range of blockchain projects. Even though the market is down, blockchains are still making their way into the wider social and tech landscape, noted the expert.
Signs of strength in the long-tail while $BTC & $ETH consolidate and sentiment would make you think Satoshi died. All the while, blockchains continue seeping into the social fabric, even if none of it is fast enough for the impatient. Future is bright, of this I’m not uncertain.
— Chris Burniske (@cburniske) September 8, 2024
Burniske's optimistic view is not a new one. He was right about Solana last year when the price went back up after dropping to $9. This made him a lot more credible when the project actually came back from the dead.
Bullish unlocks
Now, the expert suggests there might be some good news on the horizon in the next few weeks. He thinks some big token unlocks and conferences could shift the sentiment once again.
It is worth mentioning that the crypto market is gearing up for a few major unlock events that could have an impact on price movements. Next up are XAI (6.28%, $6.44 million) and GMT (3.68%, $9.79 million) on Sept. 9, followed by APT (2.23%, $66.39 million), ICP (0.51%, $17.04 million) and MOCA (2.01%, $17.12 million) on Sept. 11. On top of that, STRK is set to have a 3.6% ($27.63 million) unlock on Sept. 15.
While the sentiment in the market may currently feel as though "Satoshi is dead," as Burniske says, the upcoming events and continuing blockchain progress signal a potential bullish shift on the horizon.