Are you shocked to see the price of Bitcoin (BTC) take a nosedive since the historic approval of long-awaited crypto spot ETFs?
Well, it’s going to fall a lot further, according to one expert.
Echoing comments this week from mega-rich crypto trader Arthur Hayes—Chris Burniske, partner at venture capital firm Placeholder—said that BTC could keep dipping.
The reason? Burniske on Friday wrote on Twitter that it comes down to “macro adoption [and] new product development.”
“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,” he said.
Continue to think we go lower to consolidate than most people expect due to variables that are too many to explain in detail via tweet (eg, crypto-market specific, macro, adoption, new product development). As for the denial out there… takes time for partiers to sober up, saw…
— Chris Burniske (@cburniske) January 25, 2024
But the former crypto lead at ARK Invest also said that over the long-term, BTC would go up and eventually touch new all-time highs.
“As always, patience is your friend,” he said, adding that “the path to get there will be volatile.”
BTC was one the best-performing assets globally last year. It started 2023 at below $17,000 per coin and finished priced at over $42,000.
But despite some experts claiming that the price would rocket following the approval and trading of ETFs (exchange-traded funds) on Wall Street, the largest virtual coin has taken a battering after briefly closing in on $49,000.
It is now priced at $42,083, CoinGecko data shows.
The biggest and oldest cryptocurrency is still well-below its November 2021 all-time high of $69,044.
Edited by Ryan Ozawa.
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Source: https://decrypt.co/214444/bitcoin-will-crash-hard-2024-burniske
