Investor Says BTC And cryptos Are Primed For A Big Turnaround

A trader who is known for correctly calling the bottom of the crypto market in 2022 says that now “seems like a great time” for the market to turn around.

Chris Burniske, a venture capitalist, tells his 260,100 Twitter fans that there are a lot of things going for Bitcoin (BTC) and other cryptocurrencies.

“BTC at [200-week simple moving average], worst of Fed action is behind us, credit crunch is there but not a crisis, US gov unlikely to default, equities rallying while crypto lags — seems like a prime time for us to reverse — what am I missing?”

Burniske also says that it looks like “a new product cycle” is about to start in the crypto world.

“The availability of mature infrastructure for products to use is leaps and bounds beyond the last time this happened w/ DeFi (decentralized finance) Summer in 2020.

If you’re not getting excited, you’re not paying close enough attention.”

The venture investor is especially excited about the move of decentralized finance to what he calls the “Internet Financial System” (IFS). The IFS is a combination of DeFi and compliant systems that invite the largest pools of global capital to use open networks.

Burniske also thinks that the tokenization of real-world assets (RWAs) will be a big part of the IFS.

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