Bitcoin (BTC) faces months of struggle to reclaim lost ground and challenge local highs, investor Chris Burniske predicts.
In a post on X (formerly Twitter) on Jan. 25, Burniske, who is now a partner at crypto venture capital firm Placeholder, said that the BTC price should “at least” drop to $30,000.
Burniske bets on new BTC price lows before “actual move”
Bitcoin continues to field bearish price prognoses, and an increasing number of crypto industry household names are calling for lower.
Burniske is now among them — and his floor target is lower than some others.
“Imo bitcoin to *at least* $30-36K before a local bottom, and wouldn’t be surprised if we test the mid-to-high 20s before all is said and done, and we can make an actual move towards previous ATHs,” he summarized.
“The path to get there will be volatile-- expect fakeouts, and will take months to play out.”
The theory appears to take BTC/USD beyond April’s block subsidy halving, expecting the recovery from this month’s 20% dip to be a much longer-term affair.
While Bitcoin may suffer, altcoins will have a harder time, Burniske forecasts.
“As always, patience is your friend,” he continued.
“If I’m right, for the most part, other names will drop more in % terms than $BTC.”
The former crypto lead at ARK Invest added that he was not prepared to change his long BTC position in spite of the potential upcoming downside.
Few see Bitcoin dip asover
As Cointelegraph reported, multiple factors currently influence calls for BTC price strength to keep weakening going forward.
Related: 3 reasons why Bitcoin hitting $38.5K marked the ‘ETF dip’
These include macroeconomic phenomena tied to United States financial policy and global liquidity trends, the latter a source of sensitivity for crypto markets.
Earlier this week, Arthur Hayes, former CEO of crypto exchange BitMEX, predicted that Bitcoin could fall to $30,000 before recovering.
More drastic predictions include that of notorious trader Il Capo of Crypto, who still believes that $12,000 is on the table. For the time being, however, he sees a reprieve for Bitcoin bulls.
“In my opinion, local bottom is in for a while. Confirmation would be a reclaim of the 40k level (it would confirm a deviation below this level, taking all the liquidity that was there),” part of his latest Telegram channel analysis reads.
“Target for a lower high would be 44k-45k.”
BTC/USD traded close to $40,000 at the time of writing on Jan. 26, per data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.