A prominent digital asset venture capitalist believes that the approval of a Bitcoin (BTC) spot market fund (ETF) could lead to a decline in the cryptocurrency.
Chris Burniske, the founder of Placeholder Capital, told His 268,800 followers on the social media platform Term.
He also believes a rejection would trigger a sell-off.
“However, I still believe that the approval window for BTC ETFs is over around January 10, 2024:
- Rejections: Sellout.
- Approvals: Anyone who wants to buy something has bought with anticipation.
The marketing engines of the TradFi (traditional finance) giants will take time to activate and convert the approvals into purchase flows.
Fading.”
The dealer warns that after a rise, the Bitcoin uptrend could potentially weaken in the first quarter of next year like in 2019.
“I see we’re in the full-send rotation game and have lost track of how many beers everyone has in depth. It’s a hassle, but the drinking can easily last into January. My base case still works.
“If BTC and ETH collapse here and then everything else follows, we could see a repeat in mid-2019 – just high enough to make people think that maybe, just maybe, new ATHs (all-time highs) are near.” the corner before he had to accept a final drop-out (Q1 ’24?) and finished significantly higher [price] Lows.’”
Also the dealer says that it could be a while before blockchain use cases alone can trigger a bull cycle.
“I don’t think we’re ready for a full-blown bull market on the product front, as UX (user experience) and new apps still need to be refined and improved to usher in the next scale of users. Cool things are popping up, but not in sufficient numbers or scope. The next few quarters will change that.”
Bitcoin is trading at $43,932 at the time of writing, up slightly in the last 24 hours.
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Originally posted 2023-12-07 11:54:18.