Since Trump, who supports cryptocurrencies, won the US presidential election in December last year, Bitcoin has been fluctuating between $90,000 and $100,000 for over two months. Some members of the community are concerned that the market has reached its peak, especially during the recent sharp drop in 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 peak, but is in a phase of consolidation similar to April to June 2021. He wrote on the community platform X when answering related questions on Saturday:
Burniske added that although this market cycle is indeed different from the past (but still similar in some aspects), the drop in Bitcoin is not significant but may still decline further. Many altcoins are currently in distress, with prices falling to bear market lows. However, “pain triggers questions, and profound questions often bring good answers… and change.”
Burniske used altcoins as an example to illustrate how the sector could improve and overcome its difficulties.
