Chris Burniske, a partner at venture capital firm Placeholder and former crypto lead at Ark Invest, believes that the local bottom for Bitcoin (BTC) has not yet been reached. He predicts that the price could drop to the range of $30,000-$36,000 and wouldn't be surprised if it tested the mid-high $20,000 area before eventually moving towards a new all-time high.
Burniske advises patience, emphasizing that the path to reaching these levels will be volatile and could involve fakeouts, taking months to unfold. Despite this, he remains optimistic about the long-term trend, though he acknowledges that recent parabolas of the cycle are breaking, and the macroeconomic landscape appears precarious on several levels. Additionally, while new product innovations are on the horizon, they are not quite there yet, and the industry still feels somewhat insular.
Before experiencing a 5% rally on Friday, Bitcoin had seen a nearly 20% tumble to under $40,000 following the opening of spot Bitcoin ETFs for trade on January 11th. At the time of writing, the price stood at $41,700.
Burniske clarifies that he is not majorly de-risking but rather taking stock of his assets and preparing for potential market movements.
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