A venture capitalist who correctly called the November 2022 digital asset bottom says those who are waiting for a major crypto correction will likely be left in the sidelines.
Placeholder partner Chris Burniske tells his 258,300 Twitter followers that he believes the stage is set for a massive long-term Ethereum (ETH) rally.
According to Burniske, he sees Ethereum rising to a new all-time high and printing gains of over 438%.
“For the haters that have been negative on ETH at $1, $10, $100, and $1,000, but refuse to let data change their views, see ya at ETH $10,000.”
Burniske says that ETH could hit his target in 2025.
Looking at the broader crypto markets, Burniske believes that short-term pullbacks are possible, but he doesn’t think the asset class will witness steep drawdowns anytime soon.
“Sure, we’ll get pullbacks, but if you’re waiting for mega-liquidation-based-capitulations like that, you’re gonna be waiting til after the next expansion.”
He also says the crypto markets are likely poised for a rally.
“Loving how few people are bullish at the moment – 2022 trauma runs deep. See you higher sers and miladies.”
As for the recent enforcement actions against big players in the space like Binance, Burniske says the headlines are giving crypto free exposure.
“The crackdown on crypto, while CBDCs [central bank digital currencies] get near prime time, is not a coincidence.
But antifragile systems will persist and flourish, so we can thank Uncle Sam for the free marketing.”
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Source: https://dailyhodl.com/2023/04/10/chris-burniske-unveils-massive-price-target-for-ethereum-says-traders-waiting-for-crypto-capitulation-will-be-sidelined/