Chris Burniskey, a venture capitalist and investor, believes the cryptocurrency market is preparing for a massive bull market.
A partner at digital asset venture Placeholder told his 297,500 followers on social media platform X that he expects cryptocurrencies to rally significantly this week as global liquidity surges following a correction across markets.
However, investors warned that market volatility could continue until September before the bull market begins.
“While sentiment is resetting and leverage is flushing, most quality crypto assets have hit much higher lows than we saw in 2023. Meanwhile, central banks around the world are set to force easing. Q3 could be a bit more chaotic, but it’s a beautiful early bullish setup nonetheless.”
The analyst also believes that Solana (SOL) could outperform Bitcoin (BTC) and Ethereum (ETH) this cycle.
“I tend to focus most of my attention on the major underdogs in each cycle. In 2014-17 it was BTC, in 2018-2021 it was ETH, and from 2022 to now it was SOL…
When something is a sloppy but differentiated underdog, I personally find the dynamic more interesting…
“The transition from underdog to established is what I do best, so at some point I will mostly focus on something other than SOL. In the meantime, all cryptos are still underdogs, so I support all serious efforts, even if it means highlighting relative outperformance in each cycle.”
Late last month, Burniske said a $1,000 price target for SOL could look “conservative” going forward.
At the time of writing, Solana’s price is $154.53, down 4.35% over the last 24 hours.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
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