Chris Burniske, former crypto lead at Ark Invest under Cathie Wood and current partner at Placeholder, suggests that Bitcoin (BTC) may not have hit its local bottom yet. Anticipating a potential decline to the $30,000-$36,000 range, he even contemplates the possibility of testing the mid to high $20,000 area before eventually making a move toward a new all-time high.
Burniske emphasizes the importance of patience in navigating these market dynamics, acknowledging the inherent volatility, potential fakeouts, and estimating that this process might unfold over several months. While expressing optimism about the long-term trend, he notes the breaking of some initial parabolas in the current cycle and highlights certain macroeconomic uncertainties. Despite the proximity of new product innovations, he suggests they are not quite ready yet, indicating a sense of insularity in the current market sentiment.
Bitcoin, after experiencing an almost 20% decline to below $40,000 following the opening of spot Bitcoin ETFs on January 11, witnessed a 5% rally on Friday, bringing its price to $41,700 at the time of writing. Burniske clarifies that he is not making significant de-risking moves but is instead carefully assessing the situation and staying prepared for potential market shifts.
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