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.
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.