Investor Chris Burniske Issues Bitcoin Warning, Says to Expect Counterfeits and Volatility on BTC's Path to All-Time Highs
A venture capitalist who accurately predicted the cryptocurrency market's bottom in 2022 believes Bitcoin (BTC) could decline in the short to medium term.
Chris Burniske, partner at venture capital firm Placeholder, tells his 277,100 followers on social media platform
According to the venture capitalist, Bitcoin could even fall below $30,000 and such a move will not spare other crypto assets.
“I wouldn't be surprised if we test the mid-to-high $20,000s before it's all said and done and we could actually move towards previous all-time highs.” The path there will be volatile – expect fakes , and it will take months for everything to sink in.
As always, patience is your friend. If I’m right, other names will largely fall more in percentage terms than BTC.”
Regarding the reasons for his bearish forecast, Burniske says:
“But don't ignore, we've also just seen many of our first parables of the cycle and they're now breaking… and the macroeconomics are looking precarious on multiple levels. New product innovations are around the corner, but they're not quite there yet…it still feels isolated. I never said I was significantly reducing risk, just that I was counting my bullets and sharpening my blade.”
At the time of writing, Bitcoin is trading at $41,825.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
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