Bitcoin is expected to face prolonged difficulties as it attempts to recover lost value and reach previous peak levels, according to investor Chris Burniske.
In a recent post on X (formerly Twitter) on January 25th, Berniske, who is currently a partner at crypto venture capital firm Placeholder, said the price of Bitcoin could fall to at least $30,000. suggested.
Berniske predicts a fall in Bitcoin prices
Berniske suggested a minimum target of $30,000 to $36,000 before hitting the bottom, and expressed the possibility of testing the mid-to-high $20s before making a big move toward all-time highs. are doing. He foresees a volatile path with potential for fraud, and expects the process to unfold over several months beyond April’s block subsidy halving.
Despite the difficult forecast, Berniske believes altcoins will face even tougher times and warns investors to be patient. He emphasized that if his predictions come true, other cryptocurrencies could experience a greater rate of decline than Bitcoin.
Despite the potential downside, Berniske remains committed to his long Bitcoin position. As a partner at Placeholder and former head of crypto at ARK Invest, he expresses his confidence in Bitcoin’s long-term resilience despite expected market fluctuations.
Analysts warn of decline in BTC levels
Analysts are optimistic about Bitcoin’s potential to reach new highs in November 2023, with some predictions suggesting a peak of $100,000. But Berniske warned that such a peak could be followed by a “final wipeout.”
Several users of X expressed disagreement with this assumption. Instead, they predicted that events such as the approval of the Spot Bitcoin ETF could cause Bitcoin to skyrocket, especially after the first quarter of 2024.
Recently, former BitMEX CEO Arthur Hayes predicted that Bitcoin’s value would drop to $30,000 before a potential recovery. An even more extreme prediction comes from Crypto trader Il Capo. maintain A drop to $12,000 is still being considered. However, he offers some respite to Bitcoin bulls, suggesting that a local bottom is in place.
The confirmation includes a return to the 40,000 level, with a lower high target set between 44,000 and 45,000, as outlined in his latest analysis on his Telegram channel. suggests that it will be possible.