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Chris Burniske Warns Investors: Avoid Unrealistic Goals Amid Bitcoin’s $100K Surge

6 December 2024
in Crypto, News
Reading Time: 3 mins read
106 4
Home News Crypto

Chris Burniske, former ARK Invest analyst and partner at Placeholder VC, has advised crypto investors to avoid overhyping market targets despite the growing bullish sentiment.

In a recent post on X, Burniske reflected on past market cycles, urging investors to maintain realistic expectations and consider profit-taking as Bitcoin briefly surpassed the $100,000 milestone.

“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. 

Burniske highlighted the 2021 bull market as a prime example of inflated expectations, referencing widespread predictions of Bitcoin hitting $100,000 and Ethereum reaching $10,000. In reality, the market peaked at around $70,000 for Bitcoin and $5,000 for Ethereum during that period. Reflecting on this, he pointed out that Bitcoin is only now approaching its earlier target, offering a valuable lesson about the pitfalls of market optimism.

As valuations increased, the Placeholder partner suggested a profit-taking strategy, advising investors who entered the market with a target of $10 trillion after it was valued under $1 trillion to consider selling in stages between $3 trillion and $10 trillion. He stressed that “no one ever lost money” by taking profits and noted that any missed gains during this process would be more of a psychological setback than a true financial loss.

Burniske also encouraged investors to align their financial goals with personal priorities, stating,

“Time is more precious than even $BTC.”

He emphasized that enjoying the returns is more important than chasing perfection.

Meanwhile, CryptoQuant CEO Ki Young Ju pointed out in November that Bitcoin’s rally toward $100,000 mirrors its 2020 surge when the cryptocurrency’s value increased sixfold to reach $67,000. He pointed out that on-chain data showing months of Bitcoin accumulation by whales, which was initially met with skepticism, has proven accurate.

“Many criticized the data as exaggerated,”

Ju acknowledged,

“but the reason for the accumulation is now clear.”

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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