- Crypto executive Chris Burniske predicts Bitcoin will drop to the mid-to-high $20,000s before recovering over months. He expects altcoins to drop more in percentage terms.
- Arthur Hayes, former BitMEX CEO, also believes Bitcoin could fall to $30,000 before recovering.
- Notorious crypto trader Il Capo sees a possibility of $12,000 but says the local bottom is in for now. He expects resistance around $44,000-$45,000 if Bitcoin reclaims $40,000.
Chris Burniske, once the crypto spearhead at ARK Invest and now a partner at the venture capital firm Placeholder, shared his thoughts on Twitter that Bitcoin’s value might see a decrease, touching at least $30,000. His forecast suggests a potential dip into the mid-to-high $20,000 range before it bounces back towards its peak value. The journey back to its former glory is anticipated to be a bumpy one, stretching over several months.
Altcoins to Face a Tougher Road
Burniske also touched upon the fate of altcoins in comparison to Bitcoin, suggesting they might witness a steeper fall in their values. His advice highlights the virtue of patience during these turbulent times, especially for those invested in cryptocurrencies beyond Bitcoin. Despite the looming downturn, Burniske remains steadfast in his commitment to Bitcoin, choosing not to alter his investment stance.
Wider Crypto Market Braces for Impact
The sentiment that Bitcoin, and the cryptocurrency market at large, could face further declines isn’t isolated to Burniske. Arthur Hayes, the former chief at BitMEX, echoes a similar sentiment, foreseeing a potential drop to $30,000. Meanwhile, the trader known as Il Capo of Crypto doesn’t rule out a plunge to as low as $12,000, though he believes the immediate worst may be over. For Bitcoin to regain its strength, it would need to surpass significant hurdles in the $44,000 to $45,000 range, following a rebound to $40,000.
In the grand scheme, the consensus among several crypto pundits is that Bitcoin could retract further from its 2023 low point of around $20,000. With varied opinions on just how deep this trough might be, the common thread is an anticipation of a drop to the $30,000 vicinity. For those navigating the volatile seas of the crypto market, a steady hand and patience are advised, with altcoins predicted to bear the brunt of the storm.