Chris Burniske, a prominent voice in the crypto space and partner at Placeholder VC, dismissed the idea of a Bitcoin (CRYPTO: BTC) “supercycle,” labeling it a “collective delusion.”
What Happened: In a detailed thread on X on Wednesday, Burniske warned investors against the belief that Bitcoin’s bull markets will eliminate future bear markets, despite new factors such as Bitcoin exchange-traded funds (ETFs) and potential sovereign adoption.
“Every bull, people come up with reasons for why we’re going stupid high or won’t have a bear,” Burniske wrote, reflecting on over a decade of market cycles in crypto.
“While the ETFs and potential sovereign buying could mean we don’t have as brutal a bear in the future for BTC, ‘supercycle’ is without fail a collective delusion,” he added.
Burniske highlighted that the current bull market, which he dates back to November 2022, has propelled Bitcoin to close to $100,000—a more …
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