A Digital Asset Venture Capitalist Warns of Bitcoin’s Potential Dip Below Key Support Level
A prominent digital asset venture capitalist, Chris Burniske, is cautioning that Bitcoin (BTC) may soon drop below a crucial support level. Burniske, the founder of Placeholder Capital, expressed his belief on social media that if Bitcoin takes a break, it will likely dip below $40,000. He also stated that he is not interested in trading and is focused on accumulating when prices become attractive again.
An Analyst Suggests Bitcoin Could Find Support at $37,700
In addition to Burniske’s warning, crypto analyst Inmortal suggests that if Bitcoin corrects, it will find support at the $37,700 level before rebounding. The analyst cited trendline and monthly open confluence as factors contributing to this potential support level.
Bitcoin’s Current Trading Price and Solana’s Potential
As of now, Bitcoin is trading at $43,080, showing a 5.36% increase in the last 24 hours. Burniske also commented on Solana (SOL), stating that he is bullish on the Ethereum (ETH) competitor due to its active ecosystem and token airdrops. He believes that community-focused airdrops within the Solana community will generate significant wealth and loyalty effects.
Solana is currently trading at $75.81 with a 9.61% increase in the last 24 hours.
Hot Take: Bitcoin’s Support Zone Vulnerability
According to venture capitalist Chris Burniske, Bitcoin’s fall below the $40,000 support level is highly likely if it enters a consolidation phase. He believes that the mid-to-low $30,000 range presents an open question. Crypto analyst Inmortal suggests that Bitcoin could find support at $37,700 before bouncing back. These predictions indicate potential price movements and levels to watch for Bitcoin in the near future. However, it’s important to remember that cryptocurrency markets are highly volatile and subject to various factors that can influence their direction.
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