The world’s two largest cryptocurrencies Bitcoin and Ethereum have surged nearly 20% in just a week. This momentum pushed almost every cryptocurrencies in the market, resulting in the rise of global crypto market cap that hit $1 trillion for the first time since November 2022.
However, currently the global crypto market cap has slightly dropped at $981 Bln along with Bitcoin falling back to $20,000 levels.
Meanwhile, a well-known crypto analyst and former associate at ARK Invest, Burniske has put forth his analysis on the crypto market. The analyst claims that the current market situation might not be a short-term rally, hence we might see a 2019 like situation.
Earlier in 2019, the analyst had stated that the first two cryptocurrencies, Bitcoin and Ethereum had surged by 4X during that year. The analyst expects that the crypto market will repeat the similar phenomenon.
However, Burniske also mentions that if the market decides to reverse its trend he would be happy enough to buy the dip. His stance towards buying the dip or increasing his crypto holdings has always been strong. It is important to note that Burniske’s predictions are based on wave-trading where investors and traders flip between mid and long-term trends. During this time, the traders don’t really look at the market’s condition, be it corrections or accumulations.
At the moment, Bitcoin is changing hands at $20,985 after a surge of $0.25% over the last 24hrs.