- Placeholder partner Chris Burnisk believes that the local bottom on the Bitcoin price chart is still ahead.
- He predicted a drawdown to $30,000-$36,000 with a possible subsequent drop to $25,000.
- Only after this the asset is likely to repeat the path to the previous historical maximum, the expert believes.
Bitcoin could fall to the $30,000-$36,000 level before consolidating and then moving towards the previous ATH. This opinion was expressed by Chris Burnisk, a partner at the venture company Placeholder and a native of Ark Invest.
The expert emphasized that he is still of the opinion that Bitcoin will experience a drawdown in the short term. He attributed it to factors that are “too long to list.”
Burnisk noted that there have been a lot of “woozies” in the market lately and they will need time to “sober up.”
“Bitcoin should reach at least $30,000-$36,000 before the local bottom. I wouldn't be surprised if we test the middle and high of the $20,000 zone before it's all said and done. And only after this we will be able to continue moving towards the previous historical maximum,” the expert emphasized.
In his opinion, traders will experience high volatility, and it will take several months to reach this level. The expert also expressed the opinion that the drawdown for other positions on the crypto market is likely to be even greater.
In his forecast, Bernisk points to the significant influence of macroeconomic factors, as well as general instability at this level.
There is a similar thesis in the BlackRock report. In it, the firm cited geopolitical tensions as the main reason for continued high inflation into 2024.