Crypto investor Chris Burniske says that sentiment is signaling that digital asset markets are gearing up for a reversal to the upside.
Burniske tells his 262,000 followers on the social media platform X that a credit-induced correction could send markets lower.
However, the investor says that in the grand scheme of things, the correction will likely be just another bump in the road for crypto.
“Getting close to people being too consensus bearish – everyone timid. Perhaps we get a credit event and flush, but in the context of how far we’ve already fallen, it’ll likely be minor. To be honest, I wouldn’t be surprised to instead get some upside surprise that catches people off guard.
Either way… [I’m] comfy, long, [and] accumulating.”
Burniske, the former head of crypto at ARK Invest and current partner at venture capital firm Placeholder, recently warned of “bottom vultures,” or those who are 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 2023 – 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 2024 and 2025 – be wary of bottom vultures that’ll never buy.”
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