Bitcoin {{BTC}} local bottom has not been reached yet. chris burniske saida partner at venture capital firm Placeholder and former head of crypto at Ark Invest.
He expects prices to fall to at least the $30,000 to $36,000 range, and wouldn't be surprised if the mid-to-high $20,000 region is tested before eventually hitting a new all-time high. right.
“As always, patience is your friend,” Berniske said. “The path to getting there will be erratic, counterfeiting is expected, and the rollout will take months.”
Long-term trends “remain strong,” but “we also just saw a lot of parabolas at the beginning of the cycle, which are now breaking down. Macro looks unstable on many levels. New product innovations on the horizon. “There is,” he added. But we're not there yet…things still feel closed. ”
Prior to Friday's 5% rally, Bitcoin had fallen nearly 20% to below $40,000 since the Spot Bitcoin ETF began trading on January 11. At the time of writing, the price was $41,700.
“We've never said we're significantly reducing risk. We're just counting bullets and sharpening the blade,” Berniske concluded.
