Ethereum

bullish

2024

Bitcoin

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Placeholder partner Chris Burniske urges a cautious approach, advises balancing optimism with realism to avoid overhyping targets this cycle.
Chris Burniske, former analyst at <a href="https://crypto.news/tag/ark-invest/" target="_blank" rel="noopener noreferrer nofollow">ARK Invest</a> and current partner at Placeholder, a venture capital firm that invests in decentralized networks, has cautioned crypto investors against overhyping market targets as bullish sentiment grows.
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 People won't like me saying this, but if $10T is the round # target, then we likely fall short of it this cycle. It was a good rallying cry from a capitulation bottom, and will prove directionally correct this cycle, only to be exceeded with time. That said, as we enter a… <a rel="noopener noreferrer nofollow" href="https://t.co/r1y8HE0DQf" target="_blank">pic.twitter.com/r1y8HE0DQf</a>— Chris Burniske (@cburniske) <a href="https://twitter.com/cburniske/status/1864783036661072279?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 5, 2024</a>
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In a <a href="https://x.com/cburniske/status/1864783036661072279" target="_blank" rel="noopener noreferrer nofollow">Dec. 6 post</a> on X, Burniske reflected on the lessons of previous cycles, urging a realistic approach to expectations and profit-taking as Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) has <a href="https://crypto.news/bitcoin-hit-100000-for-the-first-time-in-the-history/" target="_blank" rel="noopener noreferrer nofollow">briefly crossed</a> the $100,000 mark.
“People won’t like me saying this, but if $10T is the round # target, then we likely fall short of it this cycle,” he wrote, adding that “It was a good rallying cry from a capitulation bottom, and will prove directionally correct this cycle, only to be exceeded with time.”
Burniske pointed to the 2021 bull market as an example of inflated expectations, when $100,000 and $10,000 calls for Bitcoin and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) were prevalent. At that time, the market “capped out at ~$70K and ~$5K respectively back then, with $BTC only now reaching that target – lesson in there,” Burniske noted.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitcoin-breaks-100k-whats-next/"> Bitcoin breaks $100K: What’s next for Ethereum, altcoin season and key levels to watch </a>
As valuations rise, the Placeholder partner recommended a profit-taking approach, noting that investors who entered the market at under $1 trillion with a view toward $10 trillion would be wise to take profits in tranches between $3 trillion and $10 trillion. He emphasized that “no one ever lost money” by taking profits, adding that any foregone gains during the process would amount to psychological discomfort rather than actual losses.
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 “No one ever lost money taking profits, the foregone gains as you harvest on the way up are psychological pain only. Sure hodl some coin forever, but also take profits in frenzies and live your life.”
 Chris Burniske
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The Placeholder partner also urged investors to balance their financial goals with life priorities. “Time is more precious than even $BTC,” he wrote, emphasizing the importance of enjoying returns rather than striving for perfection.
Burniske’s advice comes as Bitcoin has finally surpassed $100,000, setting a new all-time high of nearly $104,000. However, the BTC price has since <a href="https://crypto.news/bitcoin-drop-to-97k-as-the-market-liquidated-565-m/" target="_blank" rel="noopener noreferrer nofollow">pulled back</a> to $95,000. As of press time, Bitcoin is trading at $98,067, with the total crypto market capitalization at $1.94 trillion.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/sovereign-gold-rush-for-bitcoin-imminent-expert/"> Sovereign ‘gold rush’ for Bitcoin imminent: Expert </a>

Ex-ARK Invest analyst warns against overhyping $10t crypto market cap targets

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