A prominent digital asset venture capitalist believes that the crypto markets may mirror a major rally from recent years.
Placeholder Capital founder Chris Burniske tells his followers on the social media platform X that the crypto markets may soar and suddenly retrace as they did in 2019.
He says the crypto markets may dip in early 2024 by printing higher low prices in the cycle.
“If BTC and ETH rip here, and then everything else follows, we could be in for a mid-2019 repeat – going just high enough to get people to believe that maybe, just maybe, new ATHs (all-time highs) are around the corner, before enduring a final wipeout (Q1 2024?) and putting in firm higher lows.”
Burniske also says he remains bullish on Solana (SOL) after longing the Ethereum (ETH) competitor back in December 2022 when it was trading for around $10.
He said at the time,
“Still longing SOL while haters spinelessly pile onto the downside momentum. When Solana recovers, it’s not me that will be haunted by the thought, ‘Instead of jeering, I could have been buying SOL ~$10.’”
He says that SOL against ETH (SOL/ETH) remains in an uptrend after hitting a key level.
“0.02 SOL/ETH achieved: leaves no choice but to eye 0.03 ETH next.”
SOL/ETH is trading for 0.02249 ETH ($40.56) at time of writing.
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