Venture capitalist Chris Burniske says that it would only take one day of positive action for the crypto market to suddenly reverse course.
The investor tells his 324,300 followers on the social media platform X that he’s starting to see signs of life within longtail cryptocurrencies – or altcoins further out the risk curve – perhaps the beginning of a bullish market structure.
“Starting to see strong signs of life in long tail crypto assets – this signal doesn’t always have follow through, but it tells me people want to take risk again as the majors consolidate…
All it takes is one day for short-to-medium sentiment (and flows) to turn.”
Looking at the top crypto asset by market cap, Burniske says that Bitcoin (BTC) appears to react to fluctuations in global liquidity, albeit with a delay.
Global liquidity refers to the amount of money flowing within the financial system.
“BTC follows liquidity, but with a lag.”
Earlier this month, Burniske doubled down on crypto, referring to the asset class as the fastest horse in finance, despite the correction. At the time, he warned crypto bulls not to capitulate as prices plummeted.
“Selling here is unlikely to be a good idea if you’re wavering – because if you’re selling here, it also tells me you’re prone to get sidelined on the way up.
At worst, just sit on your hands, don’t even look at prices if it helps and you’re not going to do anything anyway. If you have any dry powder left, add bits here and there if things look really attractive to you, or when you feel sickest. [Not financial advice], just sharing my two sats.”
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
