Chris Burniske: Bitcoin's Mid-Bull Pullback Mirrors 2021 Reversal

Crypto expert Chris Burniske, former lead at Ark Invest, reassures investors that Bitcoin’s recent dip is a normal part of the bull market cycle. Responding to concerns on X, Burniske dismissed fears of a cycle top, calling the decline a “mid-bull pullback that makes everyone question god.”

Drawing parallels to 2021, he recalled Bitcoin and altcoins plunging 50-80% between April and June before rallying in the second half of the year. Back then, many traders believed the bull market was over, yet Bitcoin surged to a record high of nearly $69,000 in October 2021 after the SEC approved Bitcoin futures ETFs. Earlier that year, BTC hit $63,000 following Tesla’s $1.5 billion Bitcoin purchase before dropping when Elon Musk raised environmental concerns over Bitcoin mining.

Currently, Bitcoin has fallen 3.43% in the past 24 hours, dropping below $100,000 and trading at $96,160. Over the past week, BTC has declined 9.31% from its recent peak of $106,000. The downturn aligns with broader financial market trends influenced by recent U.S. economic measures affecting Mexico, Canada, and China, as well as China’s countermeasures against the U.S.

Burniske’s perspective suggests that such pullbacks are common within bull cycles, often setting the stage for a strong recovery. Historical patterns indicate that Bitcoin’s long-term trajectory remains bullish despite short-term volatility.