Venture capitalist Chris Burniske says that a mid-2019-style crypto rally is now potentially unfolding as Bitcoin (BTC), Ethereum (ETH) and digital assets continue to rally.
The investor tells his 265,000 followers on the social media platform X that if BTC and ETH make one more leg up, a full-blown rally for the asset class could follow.
In 2019, Bitcoin went on a parabolic rally from $3,000 to $14,000, before collapsing once again into a nine-month downtrend, trapping many bulls.
Burniske, the former head of crypto at Cathie Wood’s Ark Invest, kaže something similar could be in play.
“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.”
Besides Bitcoin and Ethereum, Burniske is especially bullish on Solana and predicts that SOL will continue to be the prime outperformer in the next market expansion.
“From its 2022 bottom, SOL has now outperformed ETH 3x.
I love ETH, grew up professionally alongside Ethereum’s rise, continue to support many Ethereum projects, and stake ETH to this day.
But this cycle, SOL has been, and likely will continue to be the faster horse…
The market distills all available information and is the final arbiter of whose theses are right and wrong in an investing context.
Someone who has claimed SOL is worthless or inferior to ETH has now been walloped by the market since December 2022.”
At time of writing, SOL is worth $40.32, up about 300% from the start of the year.
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Source: https://dailyhodl.com/2023/11/06/repeat-of-2019-bull-run-for-crypto-now-in-play-amid-bitcoin-and-ethereum-surge-according-to-investor-chris-burniske/