Analyst That Predicted 2022 Crypto Bottom Says Ethereum Will Hit $10,000
April 10 2023 - 11:00AM
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Profit-taking investors are probably enjoying as Ethereum rises to
a new all-time high while some await a price correction to
accumulate holdings. Price corrections and bottoms are, after all,
inherent for cryptocurrencies, Ethereum inclusive. However,
Chris Burniske, a partner at Placeholder VC, tells his Twitter
followers to surrender expectations for a price correction on
Ethereum. In his tweet, the venture capitalist said Ethereum is
gearing up for a massive long-term rally. Burniske was the analyst
who correctly predicted the November 2022 crypto assets bottom. He
noted that disappointment awaits those expecting a major crypto
correction. Ethereum And Other Cryptos Gearing Up For Major
Rallies, Says Burniske In detail, Burniske said he sees Ethereum
rising to a new all-time high and scoring gains above 438%. He told
bearish investors who expect ETH to drop below $1,000 and $100 to
watch as ETH hits $10,000. According to the analyst, his $10,000
ETH price target will be possible in 2025. Related Reading: Shiba
Inu Price Set For Breakout From Bull Pattern In April Following the
moves in the broader crypto market, Burniske believes
cryptocurrencies could witness short-term pullbacks. However, he
thinks there won’t be a steep downturn anytime soon, noting that
the crypto market is probably gearing up for a bull run. Also, he
commended the few investors who remained bullish despite the blow
dealt to them by the 2022 bear cycle. In addition, Chris
Burnniske commented on the recent spree of enforcement actions
against top crypto industry players like Binance. According to
Burniske, the news headlines serve as free marketing for crypto. He
noted that the regulatory crackdown on crypto as CBDCs adoption
nears mainstream isn’t coincidental. But, Burniske is optimistic
that crypto is resilient enough to persist and flourish, no matter
the harsh regulatory atmosphere. Regulatory Crackdown Actions
On Crypto The regulatory atmosphere for crypto in 2023 has been
harsh, as top crypto exchanges and firms face enforcement actions
from regulators. It has caused increased market volatility, even
amid the crisis in top US crypto-friendly banks. Binance is
one of the latest cryptocurrency exchanges to enter regulators’
radar. Besides being under investigation by the US Department of
Justice (DOJ) and a desist order against its BUSD, Binance received
a lawsuit from the CFTC. On March 27, the US Commodity
Futures Trading Commission (CFTC) filed a lawsuit against Binance,
its CEO Changpeng Zhao, and former compliance officer Samuel Lim.
The regulator alleged that the trio violated the Commodity Exchange
Act (CEA) and CFTC regulations. In its complaint, the CFTC alleged
that Binance allowed users to trade derivatives on its platform
without registering with US regulators. Besides Binance,
Coinbase could also face a lawsuit after a Wells notice it received
from the Securities and Exchange Commission. The regulators
notified the crypto exchange of plans to launch an enforcement
action against it for possible securities law violation.
Related Reading: Cardano (ADA) Draws Attention As Whales Accumulate
560 Million Tokens In addition, Ripple remains engaged in a
two-year-long legal war with the SEC over XRP’s stance as a
financial security. The news of these enforcement actions is partly
responsible for bearish sentiments among investors, as their
outcomes could impact crypto prices. However, Chris Burniske, in
his recent tweet, has reassured his 258,300 followers that crypto
will survive and flourish regardless. Featured image from Pixabay
and chart from TradingView.com
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