Chris Burniske, former cryptocurrency lead at Ark Invest and now a partner at Placeholder foresees a potential sharp decline in Bitcoin’s (CRYPTO: BTC) price.
What Happened: Burniske predicts that Bitcoin could potentially drop to the $30,000-$36,000 bracket and might even touch the mid-high $20,000 zone before bouncing back to a new all-time high, as reported by CoinDesk.
He advised, “As always, patience is your friend,” and added that the recovery journey could be rocky and may span over several months.
“imo #bitcoin to at least $30-36K before a local bottom, and wouldn’t be surprised if we test the mid-to-high 20s before all is said and done, and we can make an actual move towards previous ATHs. The path to get there will be volatile– expect fakeouts, and will take months to play out.”
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 a recent 5% surge on Friday, Bitcoin had previously plummeted nearly 20% to below $40,000 following the Jan. 11 debut of spot bitcoin ETFs.
“We also just saw many of our first parabolas of the cycle, and they’re now breaking… and macro looks precarious on a number of levels,” Burniske said, adding that while he’s not “majorly de-risking,” he’s preparing himself for the potential downside in the king of cryptocurrencies.
See Also: ‘Crypto Assets Are Grotesquely Overvalued:’ This Ethereum Fan Calls The Market An ‘Unhinged Casino’
Why It Matters: Other analysts have also expressed bearish sentiments on Bitcoin. Cryptocurrency analyst, Justin Bennett, warned that Bitcoin could potentially hit the $10,000 to $15,000 range.
Furthermore, the upcoming Bitcoin halving in April could render nine of the 11 largest publicly traded Bitcoin miners unprofitable at a Bitcoin price of $40,000, as per a Cantor Fitzgerald report.
Adding to the bearish outlook, an Ethereum advocate, Polynya, criticized the cryptocurrency market as “the craziest, most utterly detached-from-reality, unhinged casino market the world has ever seen.”
Price Action: At the time of writing, Bitcoin…
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