Venture capitalist Chris Burniske believes crypto has more time before the market witnesses a deep deleveraging.
The crypto veteran tells his 312,000 followers on social media platform
But Burniske clarifies that its expected correction on January 20 will likely not mark the end of the crypto bull market.
“Dream the post-election dream now, and the shakedown afterwards. The inauguration makes perfect sense because reality can never match the dream. But this shake-up won’t be the end, even if it will scare the paper hands into thinking it is.”
In November 2022, as Bitcoin (BTC) and cryptocurrencies hit a cycle low, Burniske predicted that the total market capitalization of digital assets would reach $10 trillion this cycle. But now the investor says his massive price target probably won’t be reached, at least during this cycle.
“People won’t like me saying this, but if the $10 trillion target is a round number, then we probably won’t hit it this cycle.
It was a good rallying cry coming from a place of capitulation and one that will prove correct in this cycle, only to be outdated over time. That said, as we enter a period of growing frenzy, where dreams grow bigger by the day and bull market geniuses abound, it is important to be realistic.
For example, the $100,000 and $10,000 calls for BTC and ETH were everywhere in 2021, and we had capped at ~$70,000 and ~$5,000 respectively at the time, with BTC only now reaching that target – a lesson in that…
Sure, HODL (wait for life) a few coins forever, but also binge take profits and live your life. Time is more precious than even BTC. Never aim for perfection, otherwise you will always fall short.
At the time of writing, the total crypto market capitalization stands at $3.865 trillion.
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