Bitcoin is anticipated to undergo a prolonged period of challenges as it seeks to recover lost value and reach previous peak levels, according to investor Chris Burniske.
In a recent post on X (formerly Twitter) on January 25, Burniske, currently a partner at the crypto venture capital firm Placeholder, suggested that the price of Bitcoin could potentially decline to at least $30,000.
Burniske Predicts Lower Bitcoin Prices
Burniske suggests a minimum target of $30-36k before a local bottom, expressing the possibility of testing the mid-to-high 20s before a substantial move towards previous all-time highs. He anticipates a volatile path with potential fakeouts and expects the process to unfold over several months, extending beyond April’s block subsidy halving.
Continue to think we go lower to consolidate than most people expect due to variables that are too many to explain in detail via tweet (eg, crypto-market specific, macro, adoption, new product development). As for the denial out there… takes time for partiers to sober up, saw…
— Chris Burniske (@cburniske) January 25, 2024
Despite the challenging forecast, Burniske believes altcoins will face an even tougher time, warning investors to exercise patience. He emphasizes that if his predictions hold, other cryptocurrencies might experience more significant percentage drops than Bitcoin.
Despite the potential downside, Burniske remains committed to his long position in Bitcoin. As a partner at Placeholder and former crypto lead at ARK Invest, he expresses confidence in Bitcoin’s long-term resilience despite the expected market fluctuations.
Analysts Are Warning of Lower BTC Levels
In November 2023, analysts were optimistic about the potential for Bitcoin to reach new highs, with some forecasts even suggesting a peak of $100,000. However, Burniske cautioned against a possible “final wipeout” following such a peak.
Several users on X expressed disagreement with the assumption. Instead, they anticipated that Bitcoin might experience an upward surge, especially after the first quarter of 2024, owing to events such as spot Bitcoin ETF approval.
Recently, Arthur Hayes, the former CEO of BitMEX, projected a dip in Bitcoin’s value to $30,000 before a potential recovery. More extreme predictions come from trader Il Capo of Crypto, who maintains that a drop to $12,000 remains on the table. However, he offers a respite for Bitcoin bulls, suggesting a local bottom is in place.
He indicates that confirmation would involve reclaiming the 40k level, with a target for a lower high set between 44k-45k, as outlined in his latest analysis on his Telegram channel.
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