Summary
- Chris Burniske mentioned that the recent decline in the cryptocurrency market is similar to the 2021 bull market correction.
- He views this decline as a correction within a bull market and expects a market rebound based on past cases.
- He explained that although many coins plummeted, there is a possibility that the market will rebound strongly again.
A recent analysis suggests that the decline in the cryptocurrency market is similar to the correction during the 2021 bull market.
On the 8th, Chris Burniske, former head of cryptocurrency at Ark Invest, stated on X (formerly Twitter), "I don't think the cryptocurrency market has peaked in this cycle," and analyzed, "This decline is likely a correction occurring in the middle of a bull market."
He explained, "The current atmosphere is similar to April-June 2021," adding, "At that time, many coins plummeted by 50-80%, and there were forecasts that the market was over. However, the market rebounded strongly in the latter half of 2021."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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