Investor Who Called 2022 Bottom Says Bitcoin, Ethereum and Solana Not Making New Lows – Here’s Why
A widely followed investor, Chris Burniske, believes that Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have hit their lowest points and are unlikely to reach new lows this year. Burniske warns readers about “bottom vultures,” individuals who predict lower prices but have no intention of buying. He states that while there may be temporary setbacks, the long-term uptrend of these cryptocurrencies will continue into 2024 and 2025. In the past week, BTC, ETH, and SOL have experienced significant declines. Burniske suggests that decentralized finance (DeFi) played a crucial role in pulling crypto out of the last bear market and predicts that similar catalysts, such as social applications like Friend.Tech (FT), will spark the next bull cycle.
Key Points:
– BTC, ETH, and SOL are unlikely to reach new lows this year
– Be cautious of “bottom vultures” who predict lower prices without buying
– Temporary setbacks may occur, but the long-term uptrend will continue
– BTC is down 12%, ETH 10.4%, and SOL 15.7% in the past week
– DeFi and social applications like FT are catalysts for the next bull cycle
Hot Take
According to Chris Burniske, the crypto market bottom has been reached for BTC, ETH, and SOL, and new lows are unlikely this year. While short-term fluctuations may occur, the long-term trend is upward. Burniske also highlights the importance of decentralized finance and social applications in driving future growth. As the crypto market continues to evolve, it’s essential to be cautious of those who predict lower prices without any intention of buying. Overall, the future looks promising for Bitcoin, Ethereum, and Solana, with potential catalysts like social applications driving the next bull cycle.
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