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.”
Source: Chris Burniske/X
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