The analyst, who correctly predicted the market bottoming last year, repeated some of his calls despite the bear market. Chris Burniske, partner of venture capital firm Placeholder and former analyst at ARK Invest, repeated his old calls. He said that when looking at the big picture, the bearish movements in Solana (SOL) and Cosmos (ATOM) will not have an impact on the future. Here are Burniske’s comments and altcoin comments…
Chris Burniske draws attention to two altcoins
Renowned analyst Chris Burniske, known for accurately predicting market trends, reiterated his earlier calls in the ongoing bear market. Burniske, partner of venture capital firm Placeholder and former analyst at ARK Invest, remains optimistic about the future prospects of Solana (SOL) and Cosmos (ATOM), emphasizing that the recent downward movements will not have a lasting impact.
cryptocoin.com As we reported, the U.S. Securities and Exchange Commission (SEC) recently categorized various assets, including SOL, as securities on popular crypto exchanges Coinbase and Binance. These developments coincided with a massive dip in the altcoin markets, with Solana falling nearly 94% from its all-time high and Cosmos falling over 81%.
However, unaffected by the market downturn, Burniske maintains his bullish stance on Solana, stating that Solana has an “Ethereum-level” position. When asked about regulatory actions affecting SOL, ATOM and other tokens, Burniske dismisses the importance of such interventions by self-interested regulators. Burniske believes that these latest events will ultimately be seen as minor mistakes in retrospect.
Expectation of return after 2024
Burniske’s support for Solana goes back to February, when he realized his contentious and underestimated competitiveness. Referring to Placeholder’s investment strategy, he explains that in every bear market, they identify one or two ecosystems around which to build an “aircraft carrier” strategy. In previous bear markets, Ethereum and Bitcoin served as primary assets due to their liquidity and market size. Now Placeholder employs a similar strategy, focusing on Cosmos and Solana. It invests in their core assets and explores various projects in their ecosystem. In addition to his positive outlook on Solana and Cosmos, Burniske envisions an upcoming “return period” for the crypto market. Despite widespread concerns about the demise of cryptocurrencies, Burniske argues that there is growing acceptance of the lasting value of these coins.
Despite the current fear of the death of cryptocurrencies, there is widespread acceptance that this movement is immortal… post 2024 there will be a crypto comeback.
Burniske’s unwavering belief in Solana and Cosmos stems from their potential to transform industries through decentralized applications (DApps), lending platforms, decentralized exchanges (DEXs), wealth management and other innovative solutions. He believes that by deep understanding these ecosystems and the teams behind them, investors can make informed decisions and select the most promising projects.
