Investor Who Called 2022 Bottom Says Bitcoin, Ethereum, and Solana Are Not Making New Lows — Here’s Why

Marking the crypto market bottom in 2022, a widely followed investor says that Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) are as low as can be.

Former CEO of ARK Invest Chris Burniske tells his 263,200 X followers that BTC, ETH and SOL are unlikely to make new lows this calendar year.

He warns of “bottom vultures” or those who may be asking for lower prices but have no intention of going long anyway.

“While 2019 is a useful context, I don’t think BTC, ETH and SOL will make new lows in 2023 – 2022 was the bottom in my opinion.

That doesn’t mean we’re not taking a hit, but if we’re right, it means the long-term uptrend will continue in 24-25 years — be wary of bottom vultures who will never buy.”

BTC, ETH, SOL and the rest of the crypto markets have all plummeted over the past seven days. Over the past week, BTC is down 12%, ETH is down 10.4%, and SOL is down 15.7% at the time of writing.

According to Burniske, a partner at venture capital firm Placeholder, decentralized finance (DeFi) helped pull crypto out of the last bear market. The investor says a similar catalyst needs to pull the cryptocurrency out of its current bear cycle.

He cites Friend.Tech (FT), a new Web3 social application built on the Coinbase-backed Ethereum Layer 2 chain Base, as an example of what could trigger the next bull cycle.

“To get us out of the depths of the last bear, DeFi games were designed to make the monkeys ape. It follows that social games like FT are the catalyst for the monkeys in this cycle.

Monkeys are always monkeys first – then the rest of society comes later as follower apps clean up the experience.”

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