A venture capitalist who accurately predicted the cryptocurrency market bottom in 2022 believes that Bitcoin (BTC) could go lower over the short to medium term.
Chris Burniske, a partner at venture capital firm Placeholder, tells his 277,100 followers on the social media platform X that Bitcoin could fall to “at least $30,000 – $36,000” before BTC reaches a local bottom.
[adinserter block="1"]According to the venture capitalist, Bitcoin could even go lower than $30,000 and such a move will not spare other crypto assets.
“Wouldn’t be surprised if we test the mid-to-high $20,000 before all is said and done, and we can make an actual move towards previous all-time highs. The path to get there will be volatile – expect fake outs, and will take months to play out.
As always, patience is your friend. If I’m right, for the most part, other names will drop more in percentage terms than BTC.”
On the reasons informing his bearish forecast, Burniske says,
“But don’t ignore we also just saw many of our first parabolas of the cycle, and they’re now breaking… and macro looks precarious on a number of levels. New product innovations are close, but not quite there yet… things still feel insular. Never said I’m majorly de-risking, more just counting my bullets and sharpening my blade.”
Bitcoin is trading at $41,825 at time of writing.
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