Crypto Markets Set To Surge Alongside Nasdaq Stocks, Predicts Investor Chris Burniske

Famend investor Chris Burniske, identified for his correct prediction of the 2022 backside for cryptocurrencies, foresees the crypto market following the upward trajectory of the bullish inventory market. 

In a latest communication along with his 261,600 Twitter followers, Burniske, a associate at enterprise capital agency Placeholder, shares his observations concerning the correlation between crypto rallies and the Nasdaq 100 index (NDX).

Crypto Rallies And NDX: What’s The Correlation?

Citing information from Glassnode founders Jan Happel and Yann Allemann, Burniske factors out that Bitcoin (BTC) has skilled vital rallies after intervals of NDX cooldown since 2019. This recurring sample suggests a rotation into higher-risk belongings as traders search various alternatives.

Historic Patterns: Bitcoin Outperforms NDX

Happel and Allemann’s evaluation reveals that in Could 2019 and 2020, Bitcoin outperformed the NDX following indicators of bullish exhaustion and an impediment confronted by the index, respectively. Now, the Glassnode co-founders consider Bitcoin is poised for one more outperformance because the NDX approaches a possible native prime.

Bitcoin’s Impending Surge

Burniske emphasizes the present state of affairs, highlighting that the NDX has reached ranges similar to these in April 2022 (445 days), whereas Bitcoin has decoupled from it. Drawing from historic patterns, Burniske confidently asserts that Bitcoin is on the verge of an explosive surge, poised to outperform its inventory market counterparts.

As of now, Bitcoin is buying and selling at $26,931, reflecting a greater than 2% improve within the final 24 hours.

What’s In Retailer For Altcoins?

Burniske additionally shares the sentiment expressed by the Glassnode co-founders, suggesting that capital could move into riskier altcoins and different blockchain-based belongings. He envisions a possible development the place the high-risk waterfall begins with the NDX, then shifts to BTC, adopted by ETH, SOL, DOGE, and ultimately NFTs (non-fungible tokens).