Chris Burniske, partner at Placeholder and former crypto lead at Ark Invest, suggests that the local bottom for bitcoin (BTC) is yet to be reached.
Predicting a potential drop to the $30,000-$36,000 range, he wouldn’t be surprised if the mid-high $20,000 area is tested before a potential move towards a new all-time high. Burniske advises patience, acknowledging the volatility and the likelihood of fakeouts during this period, emphasizing that the journey will take months to unfold.
Despite the long-term trend appearing robust, Burniske notes concerns with recent parabolas breaking and macro factors looking precarious. While new product innovations are on the horizon, he cautions that they are not quite there yet, and the overall sentiment feels somewhat insular.
Following a 20% tumble to under $40,000 post the spot bitcoin ETFs’ Jan. 11 launch, bitcoin experienced a 5% rally on Friday, reaching $41,700 at press time. Burniske concludes that he is not majorly de-risking but rather assessing his strategies and staying vigilant.
