The Crypto Market Needs One More Big Flush – Says Ex-Ark Invest Crypto Lead!
The ongoing crypto market fluctuation has called in several predictions for the cryptocurrencies in the days to come. Amidst these observations, former Ark Invest crypto executive, Chris Burniske, has put forward his analysis in order to bring in an element of uncertainty to the crypto space.
The latest Twitter post by Chris claims that there is a need for another bullish climb that will bring forth positive sentiments among the market participants, as currently, fear has clouded the minds of traders and investors.
Things probably don’t get as bad as the ‘08 doooooooooomers say, but we likely need at least one more big flush to price in all pessimism, hit rock bottom of despair, and have firm ground upon which to build incremental optimism (ie, upside).— Chris Burniske (@cburniske) September 6, 2022
Meanwhile, if the market experiences another bearish pullback, the crypto market is expected to hit bottom and step into a consolidation period. Once this phase is settled, the institutional investors are expected to move towards the oversold currencies which will provide additional buying power. This will push the market prices higher.
The institutional inflows report that right now investors are paying more attention to investing in short-BTC ETFs and other investment tools instead of virtual currencies.
Additionally, on Sept 5, the DXY index- which reveals the US dollar value against other foreign currencies- hit a 20-year peak which has impacted the digital asset market.
Even though the U.S. dollar’s rally may not have had as severe of an impact as one might have anticipated, it is still a significant risk that discourages promising investors from investing in cryptocurrencies that are linked to risky assets.
At the time of publication, Bitcoin is selling at $19,953 after a surge of 1.27% in the last 24hrs.Source