Chris Burniske, the former crypto chairman of Ark Invest, which has made a name for itself with his predictions for cryptocurrencies and the market, evaluated the crypto market in his post on his Twitter account.

Sharing his own scenario about cryptocurrencies, which have been falling sharply under the pressure of the bear market since November 2021, Chris Burniske said that a rebound-recovery rally will begin in the market sooner or later.

The famous analyst added that he did not expect the situation in the market to go as bad as it was in 2008. Noting to his followers that the crypto market needs a major move to price the pessimism among investors, Burniske said that according to various sentiment indicators, most crypto investors are still in fear.

bitcoin-10

According to Burniske, it is likely that the long-awaited bottom will be reached in the market and the market will enter a prolonged period of consolidation. When the market calms down, investors will start to show interest again and the value of the market will rise with the price of cryptocurrencies.

   "Things probably don't get as bad as the '08 doooooooooomers say, but we likely need at least one more big flush to price in all pessimism, hit rock bottom of despair, and have firm ground upon which to build incremental optimism (ie , upside)."

Bitcoin (BTC), which is trying to protect the support level of $ 20,000, which is overshadowed by rising inflation and increasing interest rates, is trading at $ 19,906 at the time of writing, according to CoinGecko data.

On the other hand, while Ethereum (ETH) accelerated its increase in value against Bitcoin, today the ETH/BTC parity reached the value of 0.08434 BTC, setting the peak of 2022. By the way, this value is only 5 percent lower than the peak of the last 2 years seen on December 6, 2021. As ETH continues its strong trend, it is possible that ETH will create a new peak against BTC, after the 2018 period, before the Merge update takes place.