Bitcoin Could Experience Further Declines, Says Venture Capitalist
A venture capitalist from Placeholder, Chris Burniske, who accurately predicted the bottom of the cryptocurrency market in 2022, has warned that Bitcoin (BTC) may see further declines in the short to medium term. In a tweet to his followers on the social media platform X, Burniske stated that BTC could potentially drop to “at least $30,000 – $36,000” before reaching a local bottom. He even suggested that Bitcoin could fall below $30,000 and this downward move would also affect other cryptocurrencies.
Burniske cautioned that the path to previous all-time highs would be volatile and could involve fakeouts. He also emphasized the importance of patience during this period. According to him, other crypto assets will likely experience greater percentage drops than Bitcoin. Burniske cited several factors for his bearish forecast, including the breaking of parabolic patterns and precarious macroeconomic conditions.
Bitcoin’s Current Trading Price
At the time of writing, Bitcoin is trading at $41,825.
Hot Take: Investor Warns of Fakeouts and Volatility on BTC’s Path to All-Time High
Venture capitalist Chris Burniske has issued a warning about potential further declines in Bitcoin’s price. He believes that BTC could drop to as low as $30,000 – $36,000 before hitting a local bottom. Burniske predicts volatility and fakeouts along the way to previous all-time highs. He advises patience and suggests that other cryptocurrencies may experience larger percentage drops than Bitcoin. Burniske points out factors such as the breaking of parabolic patterns and unstable macroeconomic conditions as reasons behind his bearish forecast.
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