Chris Burniske, a venture capitalist, has suddenly shifted his perspective on Bitcoin (BTC) and cryptocurrencies, anticipating a potential surge in the markets.
Speaking to his 291,800 followers on the social media platform X, the Placeholder partner confesses that he has been overtaken by a strong bullish sentiment.
Burniske, who accurately predicted the digital asset bottom in 2022, had turned bearish on crypto back in February just before BTC reached its record high of approximately $73,000.
However, after a period of consolidation, the investor now observes that BTC seems to be following a similar pattern to its late 2020 price movement when Bitcoin struggled to surpass its previous all-time high of $20,000.
Looking ahead, Burniske reflects on the parallels between Bitcoin’s testing phase, consolidation, and breakthrough into price discovery of past cycle all-time highs of $20,000 and $69,000, describing it as a poetic occurrence. He emphasizes, “Resistance against the algorithm is futile.”
Burniske’s change in stance coincides with Bitcoin trading above $68,000 in the past week. Renowned analyst Rekt Capital, addressing his 476,200 followers on X, suggests that Bitcoin is forming a bullish continuation pattern after retesting an old resistance level that has now turned into support.
“Bitcoin has achieved a remarkable technical milestone by converting a significant old resistance area into a new major 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 priced at $68,148.
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