Placeholder partner Chris Burniske predicts that the Bitcoin price could fall into the $30K-$36K range.
Posted: January 26, 2024 7:43 AM Updated: January 26, 2024 7:44 AM
Correction and fact check date: January 26, 2024, 7:43 AM
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Chris Burniske, former head of blockchain products at ARK Invest, expects Bitcoin to fall into the $30,000 to $36,000 range.
Former head of blockchain product at investment management firm ARK Investment Management and currently co-founder and partner at Placeholder, a venture capital firm specializing in decentralized protocols and Web3 services —- Chris Bernisk He expressed the view that Bitcoin could fall to the $30,000-$36,000 range or potentially test the $20,000-$30,000 range.
According to a post shared on social media platform The projected path is expected to be unstable, including potential fakeouts, and is expected to unfold over several months.
However, Chris Burniske recommended maintaining cryptocurrency holdings, emphasizing the importance of patience in navigating market fluctuations. If the assessment proves accurate, other cryptocurrencies could experience a larger percentage decline than Bitcoin.
Moreover, he was reluctant to provide additional details, citing the difficulty of making predictions in the cryptocurrency space without a primary focus to attract attention. Regardless of the outcome, Chris Burniske confirmed his commitment to a long-term investment perspective.
The venture capitalist declared a cycle bottom in November 2022 and maintains the view that the long-term trend remains robust, emphasizing that recent discussions have focused on local peaks and troughs rather than cycle-wide peaks and troughs. Context of cryptocurrency volatility observed over the past 10+ years.
Moreover, he suggested caution, noting that the market had recently witnessed a parabolic move early in the cycle and was now showing signs of breaking. He also highlighted numerous uncertain factors at the macro level.
While he acknowledges that new product innovations are imminent, he notes that they have not been fully implemented and the overall sentiment still seems somewhat isolated. Burniske has made it clear that he is taking a cautious approach by assessing his position and maintaining a state of readiness rather than proceeding with significant de-risking.
Bitcoin faces significant price decline
Bitcoin has recently seen a sharp price decline. Currently, BTC is trading around $41,200 (at the time of writing) compared to the nearly $47,000 level observed in anticipation of the approval of a spot Bitcoin ETF. The decline in Bitcoin price has been linked to investors exiting positions in the Grayscale Bitcoin Trust (GBTC) due to investors switching to spot Bitcoin ETFs after realizing profits.
Prior to converting the fund to a cash ETF, GBTC shares were accessible exclusively to accredited investors and were subject to a six-month lock-up period following purchase. Investors now have the option to redeem GBTC shares for Bitcoin, and as of yesterday, more than $4 billion had been withdrawn from the fund.
Recently, various industry experts have shared their perspectives on the recent Bitcoin price drop, providing various insights into the future movement of the cryptocurrency.
Arthur Hayes, former CEO of BitMEX, expects the first cryptocurrency to fall below the $40,000 level and this trend is expected to continue until January 31. This forecast is consistent with the U.S. Treasury’s schedule for releasing quarterly borrowing plans.
According to Mike Novogratz, CEO of Galaxy Digital, most investors who liquidate their positions in Grayscale’s GBTC will likely shift their funds into other Bitcoin ETFs to neutralize the current weakness in Bitcoin. Mike Novogratz expects Bitcoin’s value to surpass current levels within six months, reflecting his optimism about market dynamics and recovery possibilities.
As the cryptocurrency market faces volatility and varying forecasts, Chris Burniske’s approach and emphasis on long-term trends provides valuable insight, adding nuance to the complex narrative of Bitcoin’s current trajectory.
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About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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