The price of Bitcoin will at least fall into the range of $30,000-36,000 before likely reaching a local bottom at around $20,000. This forecast was given by Placeholder partner Chris Berniske.
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Continue to think we go lower to consolidate than most people expect due to variables that are too many to explain in detail via tweet (eg, crypto-market specific, macro, adoption, new product development). As for the denial out there… takes time for partiers to sober up, saw…
— Chris Burniske (@cburniske) January 25, 2024
“Continue to assume that we are moving lower towards consolidation than most people expect due to variables of which there are too many (for example, the specifics of the crypto market, macroeconomics, adoption and development of new products),” the expert warned.
At the same time, testing levels in the area of $20,000 will be an “actual step” towards subsequent reaching previous highs, he believes.
“The path there will be volatile—expect setbacks. And it will take months. As always, your best friend is patience,” Berniske emphasized.
In his opinion, the fall of other assets will be deeper than that of Bitcoin.
Berniske noted that he was talking about local minimums/maximums, and not relative to the entire current market cycle of the first cryptocurrency. He considers the long-term trend positive.
Earlier, ex-CEO of BitMEX Arthur Hayes also predicted that Bitcoin quotes would fall below $35,000 due to global macroeconomic and political turmoil.
A technical analyst under the nickname Ali indicated that a breakdown of the $38,130 level would trigger a wave of panic selling by short-term holders who would try to minimize losses.
On January 11, amid the launch of spot Bitcoin ETFs in the United States, the price of the first cryptocurrency exceeded $48,000. However, the rate then began to decline and on January 23 fell below the $40,000 level. Only by the end of the month the price again exceeded $42,000. At the time of writing, digital gold is holding above her (CoinGecko).
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Very likely chance #Bitcoin has finished its correction since the ETF launch.
This means the rotation towards altcoins will likely start in the next 1-2 weeks when ecosystems are thriving in returns before Bitcoin breaks the highs again.
Good morning!
— Michaël van de Poppe (@CryptoMichNL) January 29, 2024
“There is a very high chance that Bitcoin has completed its correction following the launch of the ETF. This means that a reversal in altcoins will likely begin in the next one to two weeks as earnings in the ecosystems begin to flourish before the first cryptocurrency breaks through highs again,” wrote MN Trading founder Michael van de Poppe.
Let’s remember that industry veteran and Blockstream CEO Adam Back suggested that the price of Bitcoin will exceed $100,000 even before the expected halving in April.
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2024-01-29 09:47:18
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