Chris Burniske, a venture capitalist, has had a sudden change of heart regarding Bitcoin (BTC) and cryptocurrency, as he now believes that the markets are on the verge of reaching new heights.
In a surprising turn of events, the Placeholder partner shared with his 291,800 followers on X that he has been overwhelmed by a sense of bullishness that he cannot ignore. Previously, Burniske had accurately predicted the digital asset’s bottom in 2022 but had turned bearish on crypto just before BTC reached its record high of approximately $73,000 in February.
After a period of consolidation, Burniske now sees BTC following a similar pattern to late 2020 when Bitcoin struggled to surpass its previous all-time high of $20,000. He stated, “When we reflect on this in the future, we will observe the striking resemblance between Bitcoin’s testing, consolidation, and breakthrough into price discovery of previous cycle all-time highs of $20,000 and $69,000 – it’s almost poetic… Resistance against the algorithm is futile.”
This shift in perspective by Burniske coincides with Bitcoin’s recent trading above $68,000. Rekt Capital, a pseudonymous analyst, informed his 476,200 followers on X that Bitcoin seems to be forming a bullish continuation pattern after retesting an old resistance level that has now turned into support. He mentioned, “Bitcoin has achieved a remarkable technical milestone by converting a significant area of old resistance into a new crucial support. Bitcoin has since established a re-accumulation range at these levels, resembling a Bull Flag trend continuation pattern.”
At the time of writing, Bitcoin is valued at $68,148.
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