Ark Invest’s former crypto leader Chris Burniske, detailed his own scenario in which the cryptocurrency market will Ark Invest’s ultimately experience a turnaround surge.
Nonetheless, the analyst does not anticipate conditions to be as dire as they were in 2008.
In his most recent tweet, Burniske informed his audience that the market requires one more large price movement to reflect the pessimism of market players.
Despite the relative tranquility of the market, the majority of cryptocurrency traders and investors are still fearful, according to numerous attitude measures.
With a further decline, the cryptocurrency market is expected to achieve its long-awaited bottom and enter a protracted consolidation phase.
After a lull, institutional investors may pay more attention to oversold assets, resulting in increased purchasing power and a rise in market value.
The majority of investors are eschewing digital asset investments in favor of short- BTC ETFs and other investment vehicles, as indicated by institutional inflows into the cryptocurrency market.
How’s the market?
On September 5, the DXY index, which measures the value of the U.S. dollar relative to a basket of international currencies, achieved a 20-year high, which surely impacted the market for digital assets.
While the implications of the U.S. dollar’s gain may not be as catastrophic as one might anticipate, it is a significant risk factor that discourages potential investors from purchasing cryptocurrencies that are associated with high-risk assets.
At press time, Bitcoin is trading at $19,969 within a consolidating range that has existed since August 28.
