Venture capitalist Chris Burniske is abruptly changing his stance on Bitcoin (BTC) and crypto, believing the markets are almost ready to soar to greater heights.
The Placeholder partner tells his 291,800 followers on the social media platform X that he’s been “hijacked by unapologetic bullishness.”
Burniske, who called the 2022 digital asset bottom, flipped bearish on crypto in February just before BTC hit its all-time high of around $73,000.
But after months of consolidation, the investor says BTC appears to be mirroring its late 2020 price action when Bitcoin struggled to break above its previous all-time high of $20,000.
“When we look back in a few years, we’ll remark at the ~similarity between Bitcoin’s test, consolidation, and breach into price discovery of former cycle all-time highs of $20,000 and $69,000 – poetic… Resistance against the algorithm is futile.”
Burniske’s pivot comes as Bitcoin has managed to trade above $68,000 in the last seven days. Pseudonymous analyst Rekt Capital tells his 476,200 followers on the social media platform X that Bitcoin appears to be forming a bullish continuation pattern after retesting an old resistance into support.
“Bitcoin has performed a historic technical feat in turning a major area of old resistance into new major support Bitcoin has since developed a re-accumulation range at these highs which resembles a Bull Flag trend continuation pattern.”
At time of writing, Bitcoin is trading for $68,148.
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