Venture capitalist Chris Burniske, who previously predicted the 2022 cryptocurrency market crash, expects Bitcoin (BTC) to fall further in the short to medium term. Burniske particularly emphasized that altcoins will suffer much heavier losses in this decline.
Burniske Expects Bitcoin to Retract to $30,000
Chris Burniske, a partner at venture capital firm Placeholder, stated on his personal account on social media platform X that BTC could drop to a level between $30,000 and $30,600 before bottoming out. According to the venture capitalist, Bitcoin could even fall below $30,000, and such a move could cause altcoins to drop much more sharply:
Before everything is said and done, we may move from the mid-$20,000s to the last peak level, and I wouldn’t be surprised if we make a real move towards the previous all-time highs. The road there will be bumpy, and I expect fake rallies. Most importantly, this could take months to play out.
As always, patience will be your friend. If I’m right, altcoins will fall more in percentage terms than BTC.
Market Shows Signs of Cooling
Furthermore, Burniske discussed the reasons supporting his prediction of a decline for Bitcoin and parallel altcoins. The venture capitalist underlined that we are in the first phase of the bull cycle and that the majority of the first parabola has occurred, indicating that the market is showing signs of cooling:
We’ve seen the majority of the cycle’s first parabola, and now we can’t ignore that this parabola is starting to break down. The macro looks unstable on many levels. New product innovations are near, but not quite there yet. The process is still happening in a closed manner. I never said I significantly reduced the risk, I’m just counting my bullets and sharpening my knife for when the moment comes.
The largest cryptocurrency, Bitcoin, was trading around $41,750, up 2.19% in the last 24 hours at the time this article was prepared.
