According to Cointelegraph: Bitcoin looks set for a challenging path to reclaim its recent highs,in the views of investor and former ARK Invest crypto lead, Chris Burniske. In his outlook for the cryptocurrency, Burniske, who currently is a partner at the crypto venture capital firm Placeholder, predicts a price drop to "at least" $30,000.
Bitcoin remains under bearish price forecasts, with several big names in the crypto industry expecting the price to decrease further. Burniske has now joined them and his forecasted floor price is even lower than some existing predictions. He expects Bitcoin could test the mid-to-high $20k values before bouncing back towards previous all-time highs.
He also forecasts a volatile path to this target with a timeline that extends beyond the Bitcoin halving in April. Despite the downturn, Burniske asserts that he will maintain his long position on Bitcoin. He warns that if his prediction holds true, other cryptocurrencies will likely see a more significant drop in percentage terms compared to Bitcoin.
Other industry experts like Arthur Hayes, former CEO of BitMEX, have also projected Bitcoin to fall to $30,000 before rebounding. On the more drastic end of the scale, Il Capo of Crypto still believes a $12,000 valuation is a possibility, although he forecasts a temporary reprieve for Bitcoin in the near term.
