A popular cryptocurrency investor and the founder of Placeholder Capital, Chris Burniske, well-known for nailing the Solana ($SOL) price rally, has suggested the cryptocurrency market could experience a price boom similar to the one seen in 2019.
According to a post Burniske shared on the microblogging platform X (formerly known as Twitter) with their over 265,000 followers, he believes that the markets may soar and suddenly drop as they did back in 2019. He speculated that in early 2024, the market could see a decline, with cryptocurrencies establishing higher lows in the cycle.
If $BTC & $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 ATHs are around the corner, before enduring a final wipeout (Q1 ‘24?) and putting in firm higher lows.
— Chris Burniske (@cburniske) November 2, 2023
Furthermore, Burniske maintains an optimistic stance on Solana (SOL), recalling his decision to take a long position on the asset, which is often viewed as a rival to Ethereum, back in December 2022 when its value hovered around $10.
Back then, he expressed his commitment to SOL, despite the negative sentiment prevalent among critics, emphasizing the opportunity missed by the skeptics. Burniske noted that SOL could keep on outperforming ETH, as reported by DailyHodl.
If Burniske’s prediction comes true it would mean a price boom for most cryptocurrencies including Bitcoin, Ethereum, and XRP. It would come at a time in which the U.S. economy showed strong growth in the third quarter of 2023 with the main drivers behind it being consumer spending and a robust job market, which reduced the chances of a recession in 2024.
The data from the Commerce Department showed that GDP grew at an annual rate of 4.9% in the July-September period, up from 2.1% in the previous quarter, and beating the analysts’ expectations of 4.5%.
Notably, as CryptoGlobe reported, ahead of the data’s release economists from Bloomberg shed light on the potential global economic repercussions of the ongoing conflict between Israel and Hamas and its potential to trigger a global recession, especially if it escalates.
The host of CNBC’s “Mad Money” and well-known market analyst Jim Cramer has recently suggested that investors may want to hold out on buying assets until interest rates rise again, believing an ensuing sell-off will lower prices.
Featured image via Unsplash.
