Crypto investor Chris Burniske says the sentiment indicates digital asset markets are gearing up for a turn to the upside.
Burniske tells his 262,000 followers on the social media platform X that a credit-induced correction could send markets lower.
However, the investor says that in the grand scheme of things, the correction will likely be just another bump in the road for crypto.
“To get close to people who are too consensus bearish – everyone is timid. We might get a credit event and a flush, but in the context of how far we’ve already fallen, it’s likely to be small. Honestly, I wouldn’t be surprised if I got a positive surprise instead that blows people off their feet.
Anyway… [I’m] comfortable, long, [and] accumulate.”
Burniske, former head of crypto at ARK Invest and current partner at venture capital firm Placeholder, recently warned from ‘bottom vultures’, or from those who demand lower prices but still have no intention of going long.
“While 2019 is helpful context, I don’t think BTC, ETH, and SOL will hit new lows in 2023 — 2022 was the low in my opinion.
That doesn’t mean we can’t take a hit, but if true, it means the long-term uptrend will continue into 2024 and 2025. Be wary of bottom vultures that will never buy.”
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