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Investor Chris Burniske, who is currently a partner at crypto venture capital firm Placeholder, stated that Bitcoin will struggle for months to regain its lost value and challenge the recent peaks. In a post shared on January 25, Burniske claimed that the price of Bitcoin needs to drop to at least $30,000.
Notable Figure Makes Striking Statements
Analysts continue to share bearish Bitcoin price predictions, with an increasing number of leading figures in the crypto industry calling for lower levels. Burniske is among these names, and his bottom target is lower than other analysts:
“I’m putting Bitcoin at a local bottom of at least $30,000 to $36,000, and I wouldn’t be surprised if we test the $20,000 region and make a real move towards the previous ATH levels before everything is said and done.”
The theory extends beyond the halving event for the BTC/USD pair expected in April, suggesting that recovery from this month’s 20% drop will be a much longer-term issue. According to Burniske’s predictions, while Bitcoin will suffer losses, altcoins will face even harder times:
“As always, patience is your friend. If I’m right, altcoins will fall more than Bitcoin.”
The former crypto lead at ARK Invest also added that he is not ready to change his Bitcoin investments despite the potential upcoming decline.
Forecasts for Bitcoin Are Alarming
Currently, multiple factors are influencing calls for the continued weakening of Bitcoin’s price strength going forward. These include macroeconomic factors related to the fiscal policy of the United States and global liquidity trends, which are a source of sensitivity for the crypto markets.
Earlier this week, former CEO of crypto exchange BitMEX, Arthur Hayes, predicted that Bitcoin could fall to the $30,000 level before recovering. Among the more severe predictions is the one by renowned investor Il Capo of Crypto, who still believes the $12,000 level is on the table:
“In my opinion, the local bottom is temporarily in. Confirmation will be the reclaiming of the $40,000 level. The target for a lower peak will be between $44,000 and $45,000.”
