Chris Burniske is warning against the hype surrounding the $10T crypto-market cap as Bitcoin has surpassed $100,000.

Burniske, in a recent post on X called for a tempered outlook, advocating profit taking strategies and a tempered outlook on the cryptocurrency market’s trajectory.

The $10T Crypto Market Hype: Should you be Wary of Bull Market Frenzy?

Burniske, in his reflections on the bull market of 2021, highlighted the dangers associated with inflated expectations. He recalled the widely held projections that Bitcoin would reach $100,000 and Ethereum $10,000.

Ethereum peaked around $5,000, whereas Bitcoin reached a peak of $70,000. These targets are only now being achieved for Bitcoin. This serves as a warning to investors who have been swept away by hype.

Burniske said: “People will not like me saying it, but if the $10T round target is what we are aiming for, then this cycle, we’re likely to fall short.”

He acknowledged that the $10 trillion target was “directionally correct” for crypto, but he warned investors to be realistic. Dreams of astronomical values could lead to disappointment in this cycle.

Burniske’s observations coincide with Bitcoin’s recent surge past $100,000. The cryptocurrency reached a high of $104,000, before retracing to $98,067.

The current total crypto market capital is $1.94 trillion. This is a far cry from the $10 trillion mark that many speculators are aiming for.

A pragmatic approach to profit-taking

Burniske’s strategy is to take strategic profits as valuations rise. He said that investors who bought into the market at a capitalization below $1 trillion could consider realizing gains between $3 trillion to $10 trillion, if this is the case.

Burniske reminded the audience that “Nobody ever lost money by taking profits.” Although the psychological pain from missing out on further gains might discourage some, he emphasized the wisdom in securing your gains during times of market frenzy.

Burniske urged a balanced approach, even though he advocated profit-taking. He endorsed the “hold for long-term” approach, which involves retaining certain assets to gain exposure to future market growth.

He reminded investors that perfectionism is a bad thing and can lead to missed opportunities. “Hold some coins forever, but take profits and live your own life.” “Time is more valuable than $BTC.”

Early Adopters Reflect

Burniske’s comment comes as participants in the market struggle with the tension that exists between long-term optimistic thinking and short-term caution. Burniske’s message is a warning to investors, despite Bitcoin crossing $100,000.

According to Cryptonews’s detailed analysis of the market response , this event has sparked a widespread celebration in the crypto community. Bitcoin enthusiasts see it as confirmation of their belief in digital assets’ potential.

Early adopters shared their experiences of volatility, skepticism and ridicule. Anthony Pompliano, for example, praised Bitcoin holders’ resilience despite obstacles.

Some nostalgic Bitcoin veterans looked back on the evolution of Bitcoin from a niche financial asset to a global one, while others expressed concern about its increasing institutionalization.

Some bullish predictions have emerged. They predict that the next significant price target and retail investment will increase due to fear of missing out.

However, skepticism remains. Critics are concerned about the rally’s sustainability, citing low liquidity levels and regulatory uncertainty.