Venture capitalist Chris Burniske says crypto investors with long-term conviction should be chomping at the bit for entries into the market amid the correction.
Burniske, a former analyst at Cathie Wood’s ARK Invest and current partner at Placeholder, says that Bitcoin (BTC) has likely already printed its lows for the bull run, and given that “quality alts” are down significantly, opportunities for the crypto bulls are abound.
“Loving where the market is right now. BTC is making PTSD (post-traumatic stress disorder) people fear a precipice when it’s already filled the liquidation wick and fell as far as ~15% from its recent highs.
Quality alts are holding or putting in higher lows on a number of important timeframes. Funding rate and sentiment reveal the blood has drained out of late-blooming bulls’ faces.
Santa gave relief for a day but didn’t deliver in full. That said, given all the bullish developments of Q4 that are now masked by tinges of fear in the market, the setup is sweet for our entry into 2025. The short-term is always unpredictable and volatile, but if you’re a long-term investor with conviction, you should be salivating.”
According to the investor, Solana (SOL) looks ready to outperform both Bitcoin and Ethereum (ETH). He says he expects SOL to be the “faster horse” of the three major crypto assets.
At time of writing, Bitcoin is trading at $93,489, while Ethereum is worth $3,356 and SOL is trading for $190.
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