Placeholder Partner: Sustained Buying Pressure Difficult to See Short-Term After This Crypto Market Plunge, BTC May Rebuy if It Falls to $75K or Below

BlockBeats News, October 17th, former Ark Invest crypto lead and current Placeholder VC partner Chris Burniske wrote, "I'm increasingly feeling like last Friday's crash has put the crypto market into a short-term standstill, making it hard to quickly form sustained buying pressure after such a washout. This leg of the cycle has been disappointing for most, which may keep action limited as everyone awaits a 'return to form' or prior all-time highs. It's easy to get lost in the weeds of the chart, but if you look at the monthly candles for BTC and ETH, they show we're still in a high range (albeit cracked), especially if considering profit-taking."

MSTR is trending down, gold is signaling caution, so is the credit market, with equities often being the last to react. We'll always get a weak bounce, but I've taken action (remember, cashing out has never been all in or all out). Will watch BTC's reaction to $100K, but when BTC hits $75K or lower, I may get interested in the market once again. This bull run is different from before, and the next bear market will be different too."