Investor Who Called Crypto Bottom Issues Warning, Says To Expect ‘Major Reversal’ – Here’s What He Means

An investor who accurately called the bottom of the current crypto bear market doesn’t think digital assets are ready to form new all-time highs.

Chris Burniske, a partner at venture capital firm Placeholder, tells his 254,400 Twitter followers that he thinks the crypto market this year will be a “little less volatile” version of 2019.

At the beginning of 2019, Bitcoin (BTC) was just coming off the lows of the 2018 bear market and shot up from trading around $3,800 at the start of the year to a high of roughly $13,000 in late June, before slowly retracing down to around $7,200 by the end of the year.

Says Burniske of 2023,

“Expect reversal on some major event this year, not sure when, but while this is fun it will quickly become too much too fast in my opinion. More needs to be built.”

Earlier this month, Burniske said he was bullish on Ethereum (ETH), both in US dollar terms and in its Bitcoin pair (ETH/BTC). He predicted a breakout for ETH against BTC after Ethereum’s Shanghai upgrade, which aims to allow ETH stakers to unstake their holdings. The Shanghai update is expected to launch sometime next month.

In an interview last month, Burniske also said that smart contract platform Solana (SOL) could be the next “Ethereum-level” opportunity. He also said he’s betting on the decentralized interoperable ecosystem Cosmos (ATOM).

Generated Image: Midjourney