Bitcoin (BTC) and Ethereum (ETH) Prices Could Become More Reliable Indicators Than Stocks and Bonds, Analyst Says

News
Sun, 06/21/2020 - 14:53
Vladislav Sopov
Blockchain analyst Chris Burniske commented on the pale performance of Bitcoin (BTC) and Ethereum (ETH) and predicts a bright future for both of them.
Cover image via stock.adobe.com
Contents

Seasoned analyst Chris Burniske, author of the first cryptocurrency tokens price evaluation model, foresees hard times for Bitcoin (BTC) and Ethereum (ETH).

Short-Term Volatility, Long-Term Trend

Mr. Burniske announced that the ongoing 'flat' prices for Bitcoin (BTC) and Ethereum (ETH) may eventually force them to test new support levels. However, these drops would be only 'jitters' in the long run.

Image via Twitter

That being said, traders and holders shouldn't treat these ugly red candles as indicators of the exhaustion for both products. The fundamentals of Bitcoin (BTC) and Ethereum (ETH) still look good according to the analyst.

These 'jitters' don't look like something specific for the cryptocurrencies segment. Rather, it is more likely that they are common macro performance patterns of several assets.

As previously cover by U.Today Crypto News, Mr. Burniske highlighted that Bitcoin (BTC) still looks great, but should be evaluated without obsession. Any 'obsession' about the health and price performance of the flagship cryptocurrency may cloud the rationality of traders

Crypto Assets as New Macro Indicators

Mr. Burniske also emphasized that top cryptocurrencies may establish themselves as more reliable macroeconomic indicators as compared to traditional assets.

In this particular function, the most popular digital assets may replace stocks and bonds due for two fundamental reasons.

First of all, digital assets are less subject to government interference. It is worth noting that this factor was repeatedly mentioned by top financial speakers during the ongoing market recession period.

Bitcoin (BTC) and Ethereum (ETH) may also evolve into reliable and useful indicators of macroeconomic processes due to their 24/7 liquidity, which fuel trading of cryptocurrency assets.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy