The former crypto lead at Cathie Wood’s Ark Invest remains bullish over the longer term.
Chris Burniske, a partner at Placeholder, a venture capital firm, and formerly in charge of cryptocurrencies at Ark Invest, believes that bitcoin (BTC) has not reached its lowest point in the current trend. He anticipates a decline to the $30,000-$36,000 range and speculates that the cryptocurrency might even test the mid-high $20,000 region before making a potential ascent to a new record peak.
“As always, patience is your friend,” said Burniske. “The path to get there will be volatile – expect fakeouts – and will take months to play out.”
While the long-term trend “remains robust,” he added, “we also just saw many of our first parabolas of the cycle, and they’re now breaking. Macro looks precarious on a number of levels. New product innovations are close, but not quite there yet … things still feel insular.”
Before experiencing a 5% surge on Friday, the value of bitcoin had declined by nearly 20%, dropping below $40,000 subsequent to the opening of spot bitcoin ETFs on January 11. As of the current moment, the price is at $41,700.
“Never said I’m majorly de-risking, more just counting my bullets and sharpening my blade,” concluded Burniske.
