Bitcoin To Touch Mid-$20K Levels Before Bouncing Back To New All-Time High, Says Former Ark Crypto Lead: 'Path To Get There Will Be Volatile'
Portfolio Pulse from Rounak Jain
Chris Burniske, former crypto lead at Ark Invest, predicts Bitcoin could drop to $30,000-$36,000 and possibly mid-high $20,000s before reaching new highs. Despite a recent surge, Bitcoin had fallen nearly 20% after the debut of spot bitcoin ETFs. Analysts like Justin Bennett suggest Bitcoin could fall to $10,000-$15,000. The Bitcoin halving in April may affect profitability for Bitcoin miners. An Ethereum advocate criticized the crypto market as an 'unhinged casino'. Bitcoin trades at $41,787, up 3.99%.
January 27, 2024 | 8:44 am
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Chris Burniske predicts a potential sharp decline in Bitcoin's price to the $30,000-$36,000 range and possibly mid-high $20,000s before it rebounds to new highs. The market sentiment is bearish, with other analysts suggesting even lower targets and concerns about miner profitability post-halving.
The prediction of a significant price drop by a former Ark Invest crypto lead, coupled with bearish market sentiment and concerns about miner profitability, is likely to create negative pressure on Bitcoin's price in the short term.
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