Since Donald Trump, who supports cryptocurrencies, won the US presidential election in December last year, Bitcoin has been oscillating between $90,000 and $100,000 for over two months. Some members of the community are concerned that the market may have reached its peak, especially during the recent sharp decline of altcoins.
However, Chris Burniske, a partner at blockchain venture capital firm Placeholder, remains optimistic. He believes that the market has not yet reached its cyclical top, but is in a phase of pullback similar to April to June 2021. In response to related questions on the community platform X on Saturday, he wrote:
Burniske also added that although this round of market conditions is indeed different from the past (but some aspects are still similar), the decline in Bitcoin is not significant, but it may still further decline. Many altcoins are currently experiencing pain, with prices falling to bear market lows. However, “pain leads to questions, and deep questions often bring good answers… and change.”
Burniske used altcoins as an example to illustrate how the field may improve to overcome the current challenges.