• Chris Burniske, a venture capitalist trader, believes that multiple factors are lining up in favor of Bitcoin (BTC) and crypto primed for a big reversal.
• Burniske is particularly excited about the upcoming transition to “Internet Financial System” (IFS), which combines DeFi elements and compliant systems.
• He also thinks that tokenization of real-world assets (RWAs) will play an important role in the IFS.
Investor Who Called Market Bottom Says Crypto Primed For Big Reversal
Venture capitalist Chris Burniske recently took to Twitter to share his belief that multiple factors are lining up in favor of Bitcoin (BTC) and crypto primed for a big reversal. With over 260,000 followers on Twitter, Burniske is known for correctly calling the 2022 crypto bottom.
Why Is A Reversal Likely?
Burniske noted that BTC currently stands at the 200-week simple moving average, while worst of Federal Reserve action is behind us and credit crunch has not yet reached crisis levels in the US. He added that it was unlikely for the US government to default on its debt and equities were rallying while crypto lagged behind – making this seem like a prime time for a reversal.
New Product Cycle in Crypto
Burniske went on to state that he believed a new product cycle in crypto was beginning with mature infrastructure being available now than it was during the DeFi Summer of 2020. He said if people weren’t getting excited they weren’t paying close enough attention.
“Internet Financial System”
The venture capitalist believes that decentralized finance will soon transition into what he calls an “Internet Financial System” or IFS which combines DeFi elements with compliant systems offering large pools of global capital access to open networks. He sees tokenization of real-world assets as playing an important role in this transition as well.
It seems clear from Burniske’s statements that he is bullish on Bitcoin (BTC) and other cryptocurrencies going forward – believing they are poised for a strong reversal in the near future due to various favorable conditions coming together at once alongside developments such as mature infrastructure availability, IFS integration, and asset tokenization set to help drive prices higher.