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.
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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.
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