Bitcoin Could Fall Back to Mid-$20K Area: Chris Burniske
The former crypto lead at Cathie Wood's Ark Invest remains bullish over the longer term.
Chris Burniske Predicts Bitcoin Price Drop
Chris Burniske, partner at venture capital firm Placeholder and former crypto lead at Ark Invest, believes that the price of Bitcoin could drop to at least the range of $30,000 to $36,000.
He even suggests that it wouldn't be surprising to see the price testing the mid-high $20,000 area before eventually reaching a new all-time high.
Burniske advises investors to be patient and warns that the path to reach these levels will be volatile and could take several months.
Long-Term Trend Remains Robust
Despite the potential short-term price drop, Burniske emphasizes that the long-term trend for Bitcoin remains robust.
However, he also points out that recent parabolas in the market have started to break, and there are concerns about the macroeconomic environment and the pace of new product innovations.
He states that the overall sentiment still feels insular, indicating that there may be challenges ahead before the market fully recovers.
Recent Bitcoin Price Movement
Before a 5% rally on Friday, Bitcoin had experienced a nearly 20% decline, falling below $40,000.
This drop followed the opening for trade of spot Bitcoin ETFs on January 11.
At the time of writing, the price of Bitcoin stands at $41,700.