Venture capitalist Chris Burniske, who previously predicted the 2022 cryptocurrency market crash, anticipates a further decline in Bitcoin (BTC) prices in the short to medium term. He emphasizes that altcoins could suffer even more significant losses during this downturn.
Expecting Bitcoin to Retrace to $30,000
Chris Burniske, a partner at venture capital firm Placeholder, shared on social media that BTC could drop to a level between $30,000 and $30,600 before hitting rock bottom. He suggests that Bitcoin could even fall below $30,000, potentially leading to a drastic fall in altcoin prices.
Burniske foresees a volatile path with potential false rallies before the market makes a real move towards previous all-time highs. He stresses the importance of patience, as the process could take months, and believes altcoins will likely decrease in value more than BTC in percentage terms.
Market Showing Signs of Cooling
Furthermore, Burniske discusses reasons supporting his bearish forecast for Bitcoin and altcoins. He notes that the market is showing signs of cooling after the majority of the first bull cycle parabola has occurred. The venture capitalist indicates that the macro environment looks unstable, and while new product innovations are on the horizon, they have not fully materialized yet.
At the time of writing, the largest cryptocurrency, Bitcoin, has seen a 2.19% increase over the last 24 hours, trading at around $41,750.