Investor Predicts One Final Correction Before 2024 Bull Market After Calling 2022 Crypto Bottom

An investor who correctly predicted the cryptocurrency market’s bottom in 2022 believes the market will crash once more before a bull cycle begins.
Before an extended bull run starts somewhere in 2024, Chris Burniske, a partner at the venture capital firm Placeholder, warns his 262,300 Twitter followers to expect a fall of up to 40% in crypto assets.

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“Da bears probably have one more chance to bring down excellent crypto assets by 20%–40% this year before the celebration really begins the following year and lasts till 2025. What prices will that decline start at is the question.

Fed will continue to push it until it fails.

The continuation of the Federal Reserve’s hawkish monetary policy, in Burniske’s opinion, will be the cause of a collapse in the cryptocurrency market. More interest rate increases this year, according to Fed Reserve head Jerome Powell, are likely to keep inflation low. Risky investments like cryptocurrencies have generally performed poorly in response to interest rate increases.

Burniske also believes that the bull run in the cryptocurrency markets will begin only after a pause in the Nasdaq 100 index (NDX).

The investor cites statistics from Jan Happel and Yann Allemann, the co-founders of Glassnode, who said that since 2019, Bitcoin (BTC) has had significant rallies several times when the NDX cooled.

Says Burniske,

“Interesting observation: Crypto often moves into higher risk after the NDX stalls.”

At the time of writing, the price of one bitcoin is $30,528, up 0.6% from the previous day.