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Burniske: “Calls For New Lows Anytime Soon Are Silly”

Chris Burniske, director of venture capital firm Placeholder, said he believes crypto is looking strong despite the recent market-wide pullback.

“From where I sit, I’m surprised crypto hasn’t pulled back more given weakness in equities and upward repricing in rates — bullish.”

“To those saying some version of “just wait,” sure we could pull back a bit more, but calls for new lows anytime soon are silly. Pullbacks are consolidation within the current uptrend, imo.”

Burniske also thinks that an incoming upgrade for Ethereum could act as a bullish catalyst for the leading smart contract protocol. The analyst used the following statements:

“A guess: -J anuary $BTC beasted, led the rest – February we mostly consolidated – March $ETH beasts, leads the rest with Shanghai upgrade driving ETH staking flows”

The upgrade, also known as Ethereum Healing Proposal 4895 (EIP-4895), allows users with staked ETH to withdraw their holdings. The update is scheduled to be released next month. In fact, one of the developers of the network recently made an update about testing staked ETH withdrawals on the Shanghai testnet and stated that there were no issues. The team was working on this update on the Sepolia testnet before the much anticipated launch on the Ethereum mainnet in March.

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