A widely followed investor who called the 2022 crypto market bottom says that Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) are about as low as they will go.
Former ARK Invest executive Chris Burniske tells his 263,200 X followers that BTC, ETH and SOL are unlikely to make new lows this calendar year.
He warns of “bottom vultures,” or those who may be calling for lower prices but with no intention of going long anyway.
“While 2019 is useful context, I don’t think BTC, ETH and SOL make new lows in ‘23 — 2022 was the low in my opinion.
That doesn’t mean we don’t take a punch, but if right, it means the long-term uptrend will continue into ‘24 & ‘25 — be wary of bottom vultures that’ll never buy.”
BTC, ETH, SOL and the rest of the crypto markets have tumbled in the last seven days. Over the last week, BTC is down 12%, ETH 10.4%, and SOL 15.7% at time of writing, respectively.
According to Burniske, a partner at venture capital firm Placeholder, decentralized finance (DeFi) helped pull crypto out of the last bear market. The investor says that a similar catalyst will have to pull crypto out of its current bear cycle.
He names Friend.Tech (FT), a new web3 social application built on the Coinbase-backed Ethereum layer-2 chain Base, is an example of what could spark the next bull cycle.
“To pull us from the depths of the last bear, DeFi games were built to get the apes aping. It follows that social games, like FT, are the catalyst for the apes this cycle.
Apes always ape first — then, the rest of society comes later as follower apps clean up the experience.”
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