Crypto Bull Run Echoes 2019 as Bitcoin and Ethereum Surge, Investor Chris Burniske Suggests
Chris Burniske, Venture Capitalist, Foresees a 2019-Like Rally as Bitcoin (BTC) and Ethereum (ETH) Lead Crypto Surge
The investor, addressing his 265,000 followers on the X social media platform, suggests that a significant crypto rally akin to the mid-2019 surge may be on the horizon if Bitcoin (BTC) and Ethereum (ETH) experience another substantial uptrend.
In 2019, Bitcoin embarked on a parabolic rally, soaring from $3,000 to $14,000, only to subsequently undergo a nine-month downtrend, leaving many bullish investors trapped.
Burniske, the former crypto head at Cathie Wood's Ark Invest, speculates that a similar scenario might be unfolding, stating, 'If BTC and ETH experience strong upward movements here, and other cryptocurrencies follow suit, we could witness a repeat of the mid-2019 trend—where prices surged just enough to ignite hopes of new all-time highs, followed by a final downturn (possibly in Q1 '24) and establishing higher lows.'
In addition to Bitcoin and Ethereum, Burniske expresses significant optimism about Solana (SOL) and anticipates SOL continuing to outperform in the upcoming market expansion. He highlights, 'From its low in 2022, SOL has tripled its performance compared to ETH. While I hold deep appreciation for ETH and have followed Ethereum's growth throughout my career, this cycle suggests that SOL has been, and may continue to be, the faster performer. Ultimately, the market evaluates all available information and serves as the ultimate judge of investment theses. Anyone who has dismissed SOL as worthless or inferior to ETH has faced significant market consequences since December 2022.
At time of writing, SOL is worth $40.32, up about 300% from the start of the year.
Nov 06, 2023