The world’s two largest cryptocurrencies, Bitcoin and Ethereum, are up nearly 20% in just one week. This momentum boosted almost every cryptocurrency in the market, resulting in the rise of the global crypto market capitalization reaching $1 trillion for the first time since November 2022.
However, currently the global crypto market cap has declined slightly to $981 billion along with Bitcoin falling to $20,000 levels.
Meanwhile, a well-known crypto analyst and former ARK Invest associate, Burniske, has presented his analysis on the crypto market. The analyst claims that the current market situation might not be a rebound in the short term, so we could see a situation similar to that of 2019.
At the beginning of 2019, the analyst had declared that the first two cryptocurrencies, Bitcoin and Ethereum, had multiplied by four during that year. The analyst expects the crypto market to repeat a similar phenomenon.
Lots of “muhhhh bear mkt rally” people, often alluding to 2019.
in 2019 $BTC & $ETH more than 4x’d intra-annual, with some exceeding long-tails.
Painful to be sidelined by a move like that. I’d rather enjoy the ride and buy more if we regress significantly later.
—Chris Burniske (@cburniske) January 15, 2023
However, Burniske also mentions that if the market decides to reverse its trend, he would be happy enough to buy the dip. His stance towards buying the dip or rise of his cryptocurrency holdings has always been strong. It is important to note that Burniske’s predictions are based on wave trading where investors and traders trade between medium and long term trends. During this time, traders don’t really look at the condition of the market, be it corrections or accumulations.
Right now, Bitcoin is changing hands at $20,985 after an increase of $0.25% in the last 24 hours.
This post Bitcoin and Ethereum to reflect 2019 trading
was published first on https://coinpedia.org/bitcoin/bitcoin-ethereum-to-mirror-2019-trade-claims-ex-crypto-analyst-at-ark-invest/
