Bitcoin’s Bumpy Ride: A Comedy of Cryptos

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In the grand tradition of the American folk hero, Chris Burniske, once a shepherd of digital tokens at Cathie Wood’s Ark Invest, took to the digital campfire of the X social media platform to spin a yarn about the latest twists and turns in the saga of Bitcoin.

With a twinkle in his eye and a wry smile, Burniske, like a modern-day Mark Twain with a blockchain twist, assured the X users that the sky isn’t falling—it’s just a little cloudy. He reminded us of the time in 2021, when the crypto markets took a tumble, coins plummeting like hailstones in a summer storm, only to rise like a phoenix from the ashes, much to the chagrin of the doomsayers.

“Not the End, Just a Pause for Drama”

When asked if the current market hiccup was the grand finale of the bull run, Burniske chuckled and said, “Nay, dear friend, ’tis but a mid-bull pullback that makes even the faithful question the divine plan.” 😇

He conjured memories of the not-so-distant past, of April, May, and June, when Bitcoin and its altcoin kin suffered a fall of biblical proportions—50-80% some cried, “It’s the end!” But lo and behold, the markets rallied, and the naysayers were left eating their hats while the coins mooned in the second half of ’21.

I don’t think this is a sign of cycle top, rather a mid-bull pullback that makes everyone question god. Feels a lot more like April, May, June of 2021 to me, where things fell 50-80% depending on the coin (BTC pictured), many said it was over, top-callers gloated, and then we…

— Chris Burniske (@cburniske) February 8, 2025

Ah, October of ’21, a time of plenty when Bitcoin, like a mighty eagle, soared to heights near $69,000, buoyed by the SEC’s nod to Bitcoin futures ETFs. And who could forget the spring, when Tesla’s Musk, like a modern-day Midas, touched Bitcoin and sent it ripping above $63,000? But alas, even Midas had his troubles, and Musk’s concerns over Bitcoin’s thirst for energy cooled the market’s ardor.

The Great Descent Below $100,000

In a twist of fate, Bitcoin, once riding high, has taken a tumble, slipping below the $100,000 mark, a fall of roughly 3.43% in a day, and a staggering 9.31% in a week. It seems even the digital gold can’t escape the gravitational pull of traditional markets, which have been reeling from the economic tango between the U.S., Mexico, Canada, and China.

So here we are, dear readers, on the edge of our seats, watching the drama unfold. Will Bitcoin rise again? Will the bulls regain their footing? Only time will tell, but rest assured, Chris Burniske will be there, with a knowing smile and a tweet at the ready, to guide us through the crypto wilderness. 🚀

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2025-02-08 13:56