The ongoing crypto market fluctuation has called in several predictions for the cryptocurrencies in the days to come. Amidst these observations, former Ark Invest crypto executive, Chris Burniske, has put forward his analysis in order to bring in an element of uncertainty to the crypto space.
Chris’s latest Twitter post claimed that there is a need for another bullish trend that will bring forth positive sentiments among market participants, as at present, fear has clouded the minds of traders and investors.
Meanwhile, if the market experiences another bearish pullback, the crypto market is expected to hit bottom and step into a consolidation period. Once this phase is settled, the institutional investors are expected to move towards the oversold currencies which will provide additional buying power. This will push the market prices higher.
Institutional Flow reports that right now investors are increasingly focusing on investing in short-BTC ETFs and other investment instruments rather than virtual currencies.
Additionally, on Sept 5, the DXY index- which reveals the US dollar value against other foreign currencies- hit a 20-year peak which has impacted the digital asset market.
Even though the US dollar rally may not have had as severe an impact as one might have predicted, it is still a significant risk factor discouraging promising investors from investing in cryptocurrencies that are associated with riskier assets.
At the time of publication, Bitcoin is selling at $19,953 after a surge of 1.27% in the last 24hrs.
