Crypto News– Chris Burniske, a well-known venture capitalist specializing in digital assets, has expressed his belief that a bottom is potentially taking shape for the leading cryptocurrencies by market capitalization.
Bitcoin and Ethereum: Investor Chris Burniske Weighs in on Potential Bottoming Out, Citing ‘Selling Exhaustion’
In a recent post on the social media platform X, Burniske, who is the founder of Placeholder Capital, shared his perspective with his audience of over 263,600 followers. He suggests that a bullish market phase could be on the horizon, making the current financial quarter a pivotal cycle bottom for cryptocurrency prices. Burniske points to linear charts of several cryptocurrencies as evidence that the market bottom may be in the process of forming.
Linear charts depict changes in an asset’s absolute price, offering a different perspective compared to logarithmic charts, which track relative changes based on percentage increases or decreases in value. Examining his Ethereum (ETH) chart, Burniske highlights that after a sudden decline, ETH is revisiting both the 200-week simple moving average (SMA) and the 200-week exponential moving average (EMA) as sources of support. These moving averages are essential indicators that traders rely on to identify prevailing market trends.
As of the time of writing, ETH is trading at $1,649, reflecting a 0.7% increase in the past 24 hours.
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