While Bitcoin has fallen below $25,000 with the recent declines, there have been sharp decreases in altcoins.
Investors, are these levels the bottom? Will the declines continue? While waiting for the answers to his questions, an evaluation came from Chris Burniske, former analyst of Ark Invest.
Comparing the Nasdaq-100 (NDX) with Bitcoin, Burniske said that investors may turn to risky assets, including BTC, after the NDX rise.
Accordingly, Burnsike stated that cryptocurrencies such as BTC experienced an increase after the rise of NDX stopped, adding that this trend shows that investors may be turning their funds into higher-risk assets, namely cryptocurrencies, during periods when the Nasdaq performance is slow.
In this context, Burniske, quoting the NDX-Bitcoin benchmark chart of Glassnode co-founder Yann Allemann, included the following statements in his post:
“An interesting observation that cryptocurrencies like Bitcoin usually go bullish after NDX has completed its rise.
Accordingly, investors are turning to risky assets such as BTC after NDX completes the rise.”
Burniske added that he thinks investors will flow into Bitcoin after the Nasdaq and then digital assets such as Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) and NFTs.
An interesting observation that crypto often runs after $NDX stalls — rotation into higher risk. https://t.co/u6GExx2PDm
— Chris Burniske (@cburniske) June 18, 2023
*Not investment advice.
