A trader known for correctly calling the 2022 crypto bottom says it “seems like a prime time” for the digital asset market to reverse.
Venture capitalist Chris Burniske tells his 260,100 Twitter followers that multiple factors are lining up in Bitcoin (BTC) and crypto’s favor.
“BTC at [200-week simple moving average], worst of Fed action is behind us, credit crunch is there but not a crisis, US gov unlikely to default, equities rallying while crypto lags — seems like a prime time for us to reverse — what am I missing?”
Burniske also says “a new product cycle” in crypto appears to be in the early stages of kicking off.
“The availability of mature infrastructure for products to use is leaps and bounds beyond the last time this happened w/ DeFi (decentralized finance) Summer in 2020.
If you’re not getting excited, you’re not paying close enough attention.”
The venture capitalist says he’s particularly excited about decentralized finance’s upcoming transition to what he calls the “Internet Financial System” (IFS), a combination of DeFi elements and “compliant systems that invite the largest pools of global capital to utilize open networks.”
Burniske also thinks the tokenization of real-world assets (RWAs) will also play a big role in the IFS.
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