Bitcoin to Hit $30K Before Rebound, Says Crypto Investor Chris Burniske
Summary:
Investor Chris Burniske forecasts that Bitcoin could drop to a minimum of $30,000 in the coming months before rebounding. Other major figures from the crypto industry also predict a bearish market. Burniske also anticipates altcoins will have a harder time than Bitcoin. The path to recovery, following the recent 20% decline, is expected to be volatile and may take months to play out, potentially extending beyond April's block subsidy halving.
Investor Chris Burniske anticipates that Bitcoin (BTC) will undergo months of struggle to reoccupy its lost positions and confront recent highs. With Burniske, a partner at the cryptocurrency venture capital company Placeholder, sharing his forecast on X (previously known as Twitter) on January 25, he anticipates the BTC price to drop to a minimum of $30,000. Burniske joins a growing crowd of recognized figures from the crypto industry who predict a bearish market and lower prices; his projection, however, suggests a lower floor target.
He explains that it wouldn't be out of line for BTC to fall to $30-36K before finding a local bottom and maybe even testing the mid-to-high 20s before we can start to approach previous All-Time Highs. His theory conveys that the route to recovery will be somewhat tumultuous, filled with distractions and it could take several months to unfold.
Following the logic of Burniske's prediction, the recuperation from this month's 20% decline could continue until beyond April's block subsidy halving. He warns that the bleaker times for Bitcoin could mean even more bleak times for altcoins. Burniske, formerly the crypto lead for ARK Invest, reassures that despite his bearish prediction, he's not ready to modify his long BTC position yet.
As Cointelegraph highlighted, numerous current elements influence predictions about the continuing weakness in BTC's strength. These considerations include macroeconomic events related to US financial policy and international liquidity trends — the latter often impacting crypto market sensitivity.
Recently, Arthur Hayes, BitMEX's previous CEO, forecasted a drop in Bitcoin to $30,000 before any recovery takes place. Yet, more dramatic predictions come from renowned trader Il Capo of Crypto, who posits that $12,000 is still plausible. Nonetheless, for now, he anticipates a relief period for Bitcoin bulls.
Data from Cointelegraph Markets Pro and TradingView reflect BTC/USD was trading near $40,000 on January 26th when this report was written. Please be reminded that every investment has associated risks, and investors should carry out their own comprehensive research before making any decisions.
Published At
1/26/2024 10:25:00 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.