Venture capitalist Chris Burniske is predicting a potential rally for cryptocurrencies similar to the one seen in mid-2019. In a tweet to his followers, Burniske suggests that if Bitcoin (BTC) and Ethereum (ETH) continue to rise, it could signal the start of a larger rally for the entire digital asset class.
Looking back to 2019, Bitcoin experienced a parabolic rally from $3,000 to $14,000 before entering a nine-month downtrend. Many bullish investors were caught by surprise as the price collapsed. Burniske suggests that history may repeat itself, with a similar pattern potentially playing out again.
“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 all-time highs are around the corner before enduring a final wipeout (Q1 ’24?) and putting in firm higher lows,” Burniske tweeted.
Besides Bitcoin and Ethereum, Burniske is particularly bullish on Solana (SOL) and believes it will continue to outperform other cryptocurrencies in the next market expansion. He highlights that SOL has already outperformed ETH three times since hitting its bottom in 2022. Burniske acknowledges his support for Ethereum but notes that SOL has been the faster horse in this particular cycle.
Related Post
Burniske points out that the market is the ultimate decider of which investment theses are right or wrong. He refers to those who claimed SOL was worthless or inferior to ETH, noting that they have suffered losses since December 2022. This suggests that the market has validated SOL’s potential and superiority over Ethereum.
As of now, SOL is valued at $40.32, experiencing a 300% increase since the beginning of the year. This impressive growth further supports Burniske’s belief that SOL has the potential to be a top-performing asset in the ongoing crypto rally.
This anticipated rally comes at a time when cryptocurrencies continue to gain mainstream attention and acceptance. Bitcoin and Ethereum, being the two largest and most established cryptocurrencies, have fueled this growing interest. As more people recognize the potential benefits and opportunities offered by digital assets, the demand for cryptocurrencies is expected to increase.
It’s important to note that investing in cryptocurrencies carries its own risks. Prices are highly volatile, and investors should do thorough research and due diligence before making any investment decisions. The cryptocurrency market can be unpredictable, and losses incurred are the responsibility of the individual investor.
In conclusion, Chris Burniske, a prominent venture capitalist, believes that a mid-2019-style crypto rally may be underway. If Bitcoin and Ethereum continue to rise, it could trigger a larger rally for the entire asset class. Burniske is particularly optimistic about Solana’s performance and expects it to outperform other cryptocurrencies in the market expansion. However, investors should exercise caution and conduct their own research before making any investment decisions.
