Benzinga - Prominent crypto venture capitalist Chris Burniske shared his insights on Wednesday about the current state of the cryptocurrency market, suggesting a phase of selling exhaustion might be approaching.
In a series of tweets, Burniske, the founder of Placeholder Capital expressed that despite the prevailing fear in the market, the time might be ripe for potential buyers.
This perspective comes at a pivotal moment in the crypto industry, with many looking forward to the insights that will be shared at the upcoming Benzinga's Future of Digital Assets conference on Nov. 14. The event aims to shed light on the evolving landscape of digital assets and the potential opportunities and challenges ahead.
Burniske's tweets highlighted the possibility of Bitcoin (CRYPTO: BTC) dropping to the low $20Ks and Ethereum (CRYPTO: ETH) to the low $1Ks.
He also mentioned most long-tail assets, with the exception of Solana (CRYPTO: SOL), could potentially hit new lows.
Also Read: FODA EXCLUSIVE: EDX Markets CEO Says Bitcoin Has The Potential To Become A Global Reserve Asset
He did remain optimistic, stating that when in the future reflecting on the fourth quarter of 2023 and the first quarter of 2024, it will become evident that it was an opportune moment for buying.
Further emphasizing his point, Burniske mentioned the value of looking at long-term, linear charts to identify potential market bottoms.
He believed these charts, while simpler, could provide clarity during tumultuous times. "Just as it's easy to spot tops with those, it's easy to spot the general bottom range," he tweeted.
He further emphasized the importance of patience and persistence for those looking to capitalize on these market conditions.
Read Next: EXCLUSIVE: CBDCs Epitomize Anti-Crypto Movement But There's A Catch, Elusiv Founder Says
Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.