Chris Burniske, partner at venture capital firm Placeholder and former crypto lead at ARK Invest, has suggested that Bitcoin (BTC) could experience further declines before finding a local bottom.
In a series of tweets on Friday, Burniske attributed the potential dip to factors related to “macro adoption” and “new product development.” He projected that BTC could drop to at least $30,000-$36,000 before reaching a local bottom and expressed the possibility of testing the mid-to-high $20,000 range.
Despite the near-term bearish outlook, Burniske remained optimistic about Bitcoin’s long-term prospects, asserting that it would eventually reach new all-time highs. He emphasized the importance of patience for investors, acknowledging that the path to recovery will be volatile.
Arthuer Hayes’ recent posts also reflect the same sentiments as Burniske. The BitMEX founder posted that Bitcoin could dip to $30,000 to $35,000 due to a “TradFi mini-financial crisis.”
Burniske’s comments come amid a recent dip in the cryptocurrency market, with Bitcoin losing significant value after briefly approaching $49,000. Despite starting 2023 below $17,000 and ending the year above $42,000, Bitcoin has struggled to maintain its momentum following the approval and trading of ETFs on Wall Street. At the time of writing, Bitcoin is trading at $42,083, still significantly below its all-time high of $69,044 reached in November 2021.