Venture capitalist and investor Chris Burniske believes that the crypto market is setting up for a massive bull run.
A partner at digital asset venture firm Placeholder tells his 297,500 followers on the social media platform X that he believes crypto is gearing up for a big upside burst after this week’s marketwide correction, buoyed by an imminent boost in global liquidity.
However, the investor warns that market volatility could persist through September before the bull rally.
“Sentiment reset and leverage flush while most quality crypto assets put in significantly higher lows than we saw in 2023. Meanwhile, central banks globally about to get forced into easing – a bit more turbulence possible in Q3, but regardless a beautiful early bull setup.”
The analyst also believes that Solana (SOL) could outperform both Bitcoin (BTC) and Ethereum (ETH) this cycle.
“Each cycle I’ve tended to give a majority of focus to one major underdog. In 2014-17 that was BTC, in 2018-2021 that was ETH and in 2022 to now that’s SOL…
When something’s a scrappy but differentiated underdog, the dynamics are more interesting to me personally…
The transition from underdog to established is where I do best. And so, one day, I’ll probably put the majority of focus into something other than SOL. Meanwhile, all of crypto is still an underdog, and so I support all earnest efforts, despite highlighting relative outperformance each cycle.”
Late last month, Burniske said that a price target of $1,000 per SOL may end up looking “conservative” in the future.
Solana is trading for $154.53 at time of writing, down 4.35% in the last 24 hours.
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