Crypto exec sees ‘mid to low’ $20K BTC price ahead of new all-time highs
Bitcoin (BTC) will face months of struggle to regain lost ground and test domestic highs, predicts investor Chris Berniske.
In a Jan. 25 post on X (formerly Twitter), Berniske, who is now a partner at crypto venture capital firm Placeholder, said the price of BTC should drop “at least” to $30,000.
Burniske bets on the new BTC price drop before the “correct move”.
Bitcoin continues to defy price forecasts, and more and more household names in the crypto industry are calling for a lower price.
Berniske is now among them – and his floor target is lower than the others.
“Imo Bitcoin will reach *at least* $30-36K before the bottom of the area, and we could test the mid to high 20s before it's all said and done and make a decent move back to the previous ATHs,” he concluded.
“The road to get there will be volatile – expect false exits and it will take months to play out.”
The theory seems to be that BTC/USD will take a halving from April's block subsidy, a recovery from this month's 20% dip is a very long-term affair.
While Bitcoin may suffer, altcoins will have a hard time, Burniske predicts.
“As always, patience is your friend,” he continued.
“If I'm right, for the most part, other names will fall by % more than $BTC.”
The former crypto leader at ARK Investments added that he is not ready to change his long BTC position despite the potential downside.
Few see Bitcoin dip asover.
As Cointelegraph reports, a number of factors currently influence calls for BTC price strength to weaken in the future.
Related: 3 Reasons Bitcoin Hits $38.5K and Is Marked ‘ETF Dip'
These include macroeconomic events tied to US financial policy and global liquidity trends, the latter of which is a source of sensitivity for crypto markets.
Earlier this week, Arthur Hayes, the former CEO of the crypto exchange BitMEX, predicted that Bitcoin could fall to $30,000 before recovering.
The most extreme predictions include the famous trader Il Capo of Crypto who believes that $12,000 is still on the table. For now, however, it looks like Bitcoin bulls are resting.
“In my opinion, the local bottom is for some time. The confirmation is the recovery of the 40k level (confirms the divergence below this level, it takes all the liquid there),” reads the latest analysis section of the Telegram channel.
The target for low altitude would be 44k-45k.
BTC/USD was trading around $40,000 at the time of writing on January 26, according to data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
