Investor Chris Burniske, a partner at crypto venture capital firm Placeholder and former ARK Invest crypto lead, predicts that Bitcoin (BTC) will face months of struggle before reclaiming lost ground and challenging local highs. Burniske expects BTC's price to drop to at least $30,000 and potentially test the mid-to-high $20,000s before making a move towards previous all-time highs.
Burniske's theory suggests that Bitcoin's recovery from the recent 20% dip will be a longer-term process, extending beyond April's block subsidy halving. While Bitcoin may endure this period of struggle, Burniske believes that altcoins will face an even tougher time.
Despite his bearish short-term outlook, Burniske has not changed his long Bitcoin position. Other notable figures in the crypto industry have also made bearish predictions for Bitcoin's price, citing various macroeconomic factors and global liquidity trends.
Arthur Hayes, former CEO of BitMEX, recently suggested that Bitcoin could drop to $30,000 before rebounding. Meanwhile, trader Il Capo of Crypto still believes that $12,000 is a possibility but currently sees a reprieve for Bitcoin bulls.
At the time of writing, BTC/USD is trading close to $40,000, according to data from Cointelegraph Markets Pro and TradingView.