According to TradingView data, on the first day of trading of the Bitcoin spot ETF, the price of Bitcoin (BTC) reached $48,965 yesterday (11th), hitting a new high since the end of December 2021. While the market is filled with optimism, some industry insiders have begun issuing warnings to the community.
Renowned cryptocurrency analyst and Placeholder partner Chris Burniske expressed on X platform on Friday that the current situation reminds him of the April 2021 Coinbase exchange IPO, suggesting that the current excessive optimism may lead to short-term price peaks. He said:
Burniske’s prediction has sparked many comments, with one cryptocurrency community member named “Alex Miller” joking that given Burniske’s accuracy in predictions, he did not like this article. In fact, Burniske successfully predicted the peak of the bull market in 2021 and judged that the bear market had bottomed out just a few days after the collapse of FTX in 2022. Additionally, he openly expressed optimism for Solana’s future development at the end of 2023 when the SOL token bottomed out.
However, some community members hold different opinions, believing that more attention should be paid to how Bitcoin halving and subsequent changes in supply and demand dynamics will unfold, rather than the approval of the ETF. In response to this, Burniske mentioned historical trends before and after several halvings, stating that “the year after halving is an important year.”
Yesterday, when responding to community comments, Burniske also mentioned a similar viewpoint. When asked if he believed that 2024 would be as bullish as 2023, Burniske replied, “2025 > 2024 > 2023 > 2022”, indicating that he is more optimistic about the market development in 2025.
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