A prominent crypto venture capitalist believes that the digital assets market will likely rally around Christmas time after a tough start to September.
Chris Burniske, the founder of Placeholder Capital, tells his 263,400 followers on the social media platform X that his recent prediction of a possible “upside surprise” breakout in crypto is no longer valid in the near term.
He is now predicting a crypto Santa Claus rally, which is a financial term used to describe a calendar effect on traditional equities that historically have gone up on the last five market trading days of the year in December and the first two trading days of the new year.
“Upside surprise got faded, looks likely that we get a September puke, Santa Claus rally, first rate cut in the first half of 2024 leading into elections, and though risk [assets] will catch relief from a changing of rate and liquidity tides, crypto would benefit majorly from some big election wins.”
According to the crypto investor, the digital assets market will experience price volatility but eventually enter a bullish cycle.
“Patience. Though the markets are capricious, with many variables outside of crypto’s control, building and deployment of blockchains is up and to the right.”
Burniske also says that a crypto bull cycle will require an increase in global market liquidity after it has contracted, which was likely the cause of the correction in the digital asset space.
“Smaller narratives always pop up to explain markets, but don’t lose sight of the larger, core drivers.”
The Placeholder executive also said previously that private investors will likely start investing in the space more once the crypto markets start to flash signs of strength again.
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