Bitcoin Price Could Fall Further, Says Expert
Are you surprised by the recent drop in Bitcoin’s price after the approval of crypto spot ETFs? According to one expert, it’s going to fall even more. Chris Burniske, partner at venture capital firm Placeholder, agrees with mega-rich crypto trader Arthur Hayes and believes that BTC could continue to dip. Burniske attributes this to “macro adoption and new product development.”
In a tweet, Burniske stated, “Bitcoin will go to at least $30-36K before a local bottom, and I wouldn’t be surprised if we test the mid-to-high 20s before all is said and done.” However, he also mentioned that BTC will eventually rise in the long term and reach new all-time highs.
Patience is Key for Bitcoin Investors
Burniske advised investors to remain patient and highlighted that the journey towards new all-time highs will be volatile. Despite being one of the best-performing assets in 2023, with a price increase from below $17,000 to over $42,000, Bitcoin has taken a hit recently. After briefly approaching $49,000, it is now priced at $42,083.
However, CoinGecko data shows that Bitcoin is still far from its November 2021 all-time high of $69,044.
Hot Take: Bitcoin’s Price Volatility Continues
The recent drop in Bitcoin’s price following the approval of crypto spot ETFs has experts divided on its future trajectory. While some believe it could fall further due to factors like macro adoption and new product development, others maintain that BTC will eventually rebound and reach new all-time highs. The key for investors is to exercise patience amidst the volatility. Despite its impressive performance in 2023, Bitcoin’s current price of $42,083 is still a far cry from its peak of $69,044 in November 2021. As the market continues to fluctuate, only time will tell where Bitcoin’s price will ultimately settle.
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