Key Reason Why Bitcoin and Ethereum Will Keep on Growing: Chris Burniske

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Written By Maya Cantina

Mon, 11/03/2024 – 9:01

Cover image via www.freepik.com

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As we dissect Chris Burniske’s outlook for Bitcoin and Ethereum, it is essential to understand that while trends may shift and the allure of altcoins may vary, BTC and ETH maintain their growth trajectory for fundamental reasons.

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Burniske’s remarks highlight sentiment that has echoed across the crypto community: Bitcoin and Ethereum have established themselves as the stalwarts of the space, not merely due to market capitalization but also because of their foundational roles. 

ETHUSD
ETH/USD Chart by TradingView

Bitcoin continues to be perceived as digital gold, a store of value that investors turn to, especially in the face of fiat currency inflation or political instability. Its capped supply of 21 million coins instills a scarcity that appeals to both traditional and modern investors seeking a hedge against inflation.

Let’s turn to the technical analysis of the charts provided. Bitcoin, as observed, has maintained a strong uptrend, punctuated by higher highs and higher lows, a bullish indicator. The moving averages – a tool used to smooth out price action over a given time frame – are in perfect bullish alignment, with the price consistently finding support at these levels. Notably, the 50-day moving average acts as dynamic support, a sign that the bull trend is robust.

Ethereum’s chart depicts a similar story of bullish momentum. The price action remains above the key moving averages, with the 50-day moving average serving as support for the recent price pullbacks. This indicates ongoing buyer interest and a sustained uptrend.

While many may switch allegiances between BTC, ETH and other cryptocurrencies, the foundational strength and ongoing developments of Bitcoin and Ethereum suggest their growth is likely to persist. 

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