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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.”
Source: Chris Burniske/X
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.”
