According to TradingView data, on the first day of trading for the Bitcoin spot ETF, the price of Bitcoin (BTC) reached $48,965 yesterday (11th), reaching a new high since the end of December 2021. While the market is filled with optimism, industry insiders have begun issuing warnings to the community.
Chris Burniske, a well-known cryptocurrency analyst and partner at Placeholder, expressed on X platform last Friday that the current situation reminds him of the IPO of Coinbase exchange in April 2021, suggesting that the excessive optimism at that time may lead to short-term price highs. He said, “The parallels to Coinbase IPO in April 2021 are eerie.”
Burniske’s prediction has sparked many comments, and a member of the cryptocurrency community named “Alex Miller” jokingly mentioned that considering Burniske’s accuracy rate in predictions, he doesn’t like this article. In fact, Burniske successfully predicted the peak of the bull market in 2021 and judged that the bear market had bottomed a few days after the collapse of FTX in 2022. In addition, he publicly expressed optimism about the subsequent development of Solana when the SOL token bottomed out at the end of 2023.
However, there are also community members who hold different opinions, believing that more attention should be paid to how the Bitcoin halving and subsequent supply and demand dynamics change, rather than the approval of the ETF. In response, Burniske mentioned several historical trends before and after halving in his reply, and he believes 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 thinks 2024 will be as bullish as 2023, Burniske answered, “2025 > 2024 > 2023 > 2022.” It is evident that he has a more positive outlook on the market development in 2025.
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