dailyhodl.com
Veteran crypto investor Chris Burniske believes that Bitcoin ($BTC) and crypto are in the midst of a mid-cycle correction, similar to what was witnessed nearly four years ago.
Burniske tells his 319,600 followers on the social media platform X that Bitcoin appears to be in the same phase as the April 2021 correction, when $BTC printed a mid-cycle top before surging to fresh record highs toward the end of the year.
“I don’t think this is a sign of cycle top, but rather a mid-bull pullback that makes everyone question god. Feels a lot more like April, May, June of 2021 to me, where things fell 50-80% depending on the coin ($BTC pictured), many said it was over, top-callers gloated, and then we ripped in 2H ’21.”
Burniske, a partner at venture capital firm Placeholder, says the current crypto correction will likely be forgotten as he expects the market to eventually witness a fresh leg up.
“The funny thing with the obliteration of mid-2021 is a lot of people don’t remember it. They’ll be like, ‘2021 was amazing, we pumped the whole year!’ A full year, even a bull, is never without significant volatility – if it were, it would be too easy.”
The investor also says that from a long-term perspective, Bitcoin, Ethereum ($ETH) and Solana ($SOL) are all doing well.
“$BTC is fine, $ETH is fine, $SOL is fine.
Some quality names are no doubt rekt, but in wreckage there is opportunity.”
At time of writing, Bitcoin is trading for $96,747, Ethereum for $2,644 and Solana for $201.50.
Generated Image: Midjourney