Investor Chris Burniske, partner at crypto venture capital firm Placeholder, predicts Bitcoin will struggle for months to reclaim its lost value and challenge recent peaks. In a January 25th post, he suggested Bitcoin’s price must drop to at least $30,000.
Amidst a trend of declining Bitcoin price forecasts, Burniske joins other leading figures in the crypto industry calling for lower levels. He sets a base target even lower than other analysts, expecting Bitcoin to hit between $30,000 to $36,000 before a local bottom, and wouldn’t be surprised if it tested the $20,000 region before a potential rise towards previous all-time high (ATH) levels.
Burniske’s theory extends beyond the upcoming Bitcoin halving event in April, viewing the recovery from the current 20% drop as a long-term issue. He foresees altcoins facing even harder times if Bitcoin suffers losses, implying that patience will be key for investors.
Despite anticipating potential downturns, the former ARK Invest crypto head is not ready to alter his Bitcoin investments. Multiple factors currently influence the weakening forward momentum of Bitcoin’s price, including US monetary policy and global liquidity trends, which are sensitive issues for crypto markets.
Earlier this week, BitMEX’s former CEO Arthur Hayes predicted Bitcoin could fall to $30,000 before recovering, while Il Capo of Crypto believes a local bottom is in place and expects a lower peak target between $44,000 to $45,000.
