Bitcoin At $42,000, But: 'Down To Consolidation' Most Likely For Former ARK Invest Crypto Lead
Portfolio Pulse from Khyathi Dalal
Chris Burniske, former ARK Invest cryptocurrency lead, predicts Bitcoin (BTC) will likely consolidate further, despite its recent 5.8% week-over-week increase. Burniske, who previously predicted a mid $20Ks level for Bitcoin, reiterated his bearish outlook on X (formerly Twitter). This comes amid a backdrop of $53.6 million in Bitcoin liquidations in the past 24 hours and comments from Cryptoquant's CEO about Bitcoin miners selling, which could lead to sideways market movement for a few months. Additionally, a Scimitar Capital executive noted low trading volume for spot Bitcoin ETFs, suggesting that ETFs could offset daily miner supply post-next halving in April 2024.
February 01, 2024 | 3:36 pm
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Chris Burniske's bearish outlook and the recent liquidation data suggest potential short-term consolidation for Bitcoin, despite its current position above $42,000.
Burniske's prediction and the recent liquidation figures indicate a bearish sentiment that could lead to short-term price consolidation. The mention of miner sales and the potential impact of spot Bitcoin ETFs trading volume post-halving further support this outlook.
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