A venture capitalist who accurately predicted the crypto market bottom in 2022 believes that Bitcoin (BTC) could fall in the short to medium term.
Chris Burniske, a partner at venture capital firm Placeholder, said: To tell 277,100 followers on social media platform
According to the venture capitalist, Bitcoin could even drop below $30,000, and such a move would also impact other crypto assets.
“I wouldn’t be surprised if we test the mid-to-high $20,000s before it’s all over, and then we can really make a move towards all-time highs. How we get there is unstable, fakeouts are expected, and results will take months.
As always, patience is your friend. If I’m right, other names will most likely drop more percentage-wise than BTC. ”
Explaining the reason for his bearish forecast, Berniske said:
“But don’t ignore it. We’ve also just seen a lot of the first parabolas of the cycle, and they’re breaking down now… and the macros look unstable on many levels. New product innovations are on the horizon, but We’re not there yet… Things still feel closed. We’ve never said we’re significantly reducing risk, we’re just counting bullets and sharpening the blade.”
At the time of writing, Bitcoin is trading at $41,825.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me twitterFacebook and Telegram
Surf the Daily Hoddle Mix
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3