Chris Burniske, the venture capitalist who correctly identified the crypto bottom level in 2022, bitcoin He noted that (BTC) has strengthened after reclaiming a critical technical indicator.
Burniske, a former ARK Invest analyst and now partner of venture capital firm Placeholder, told his 256,400 Twitter followers that Bitcoin is currently trading above the 200-week simple moving average (SMA), an indicator that signals long-term trends.
According to the trader, a retest of the 200-week SMA as support bodes well for the future price action of the leading cryptocurrency.
Even as we consolidate slightly, BTC convincingly broke above the 200W SMA (yellow) and closed. It would be great to have this as a back up again.
NEWS CONTINUES BELOW
Koinfinans.com As reported by Burniske, the 200-week SMA has historically served as a reliable support for BTC during deep bear markets. However, the investor believes that this model is the latest crypto- He says it broke during the winter.
For those new here, the 200-week SMA has always been a support for BTC in past cycles. This bear was an anomaly in that regard.
As for his view on how BTC might perform in the short-term, Burniske stated that Bitcoin will only reach the $50,000 level after breaking the $35,000 resistance.
We can see we go even higher. I think it’s too early to mitigate risk, but not too early to make a plan.
Burniske also predicts that Bitcoin’s market cap will rise to trillions of dollars, along with other altcoins that he collects under the term Internet Financial System (IFS).
I’ve been a believer in Bitcoin for over 10 years, but I’m also aware that it’s only one part of the Internet Financial System (IFS) and probably won’t even be the majority of IFS, although it will grow to store trillions of value.
At the time of writing, Bitcoin is trading at $27,962. This means a very small increase during the day.
You can follow the current market data here.