According to Crypto Exec, Bitcoin may drop to $20k.

According to investor Chris Berniske, Bitcoin is expected to experience prolonged challenges as it seeks to regain its lost value and reach a new high.

In a January 25 post on X (formerly Twitter), Burniske, a partner at crypto venture capital firm Placeholder, suggested that the price of Bitcoin could drop to at least $30,000.

Burniske predicts low bitcoin prices

Berniske suggests a lower target of $30-36k before the bottom of the area, indicating the possibility of testing the mid-to-high 20s before a move to the previous all-time high. He is guarding against potential false exits with flexible routes and expects the process to open several months after the April ban on subsidies.

With too many variables to explain in detail on Twitter (e.g., crypto-market specific, macro, adoption, new product development), keep thinking that we're going to go down to integrate more than most people expect. As for the reluctance out there… it takes time for participants to become aware, to see…

— Chris Burniske (@cburniske) January 25, 2024

Despite the challenging forecast, Burniske believes that altcoins will have a tougher time ahead, warning investors to be patient. He emphasized that if his predictions hold, other cryptocurrencies could experience more significant percentage drops than Bitcoin.

Despite the potential downside, Burniske remains committed to a long position in Bitcoin. Plus Holdings partner and former head of crypto at ARK Invest, expresses confidence in Bitcoin's long-term resilience despite expected market volatility.

Analysts warn of lower BTC levels

In the year In November 2023, analysts are optimistic about the possibility of Bitcoin reaching a new high, with some predictions suggesting that it will hit the $100,000 mark. However, Burniske cautioned against “final extinction” following such highs.

Several users on X expressed their disagreement with the assumption. Instead, they speculated that Bitcoin could go higher, especially after the first quarter of 2024, due to events such as the approval of the Bitcoin ETF.

Arthur Hayes, the former CEO of BitMEX, recently predicted that the price of Bitcoin would fall to $30,000 before recovering. More dire predictions come from crypto trader Il Capo, who says a drop to $12,000 remains on the table. However, it gives Bitcoin bulls a break, suggesting that a local bottom is in place.

According to his latest analysis on his Telegram channel, the confirmation indicated that it would include a retracement of the 40k level, targeting a lower high set between 44k-45k.