Cryptocurrency Expert Who Correctly Forecasted the $40K Drop Envisions Bitcoin Reaching $30K to $36K

Chris Burniske, a founding partner at the crypto-centric venture capital firm Placeholder, has forecasted a potential downturn for bitcoin’s value, suggesting it might drop to the $30,000 level before it can reclaim its previous all-time high (ATH). Historically, Burniske’s forecasts about Bitcoin and the broader cryptocurrency market have been notably accurate.

Projection: Bitcoin’s Descent to $30K

Expressing his thoughts in a tweet, the cryptocurrency authority suggested that BTC’s price could fall into a bracket between $30,000 to $36,000. He mentioned that it wouldn’t be a complete surprise to witness a further drop to the mid or upper $20,000s. Following these lows, Burniske anticipates BTC may begin its ascent to revisit its previous ATHs.

Such price dynamics for BTC, as per the Placeholder partner, would unfold over a span of several months.

Numerous crypto enthusiasts on X echo Burniske’s sentiments regarding his recent BTC forecast, likely due to his track record of precise crypto market analysis.

Following the launch of the spot Bitcoin ETF in the United States, Burniske postulated that Bitcoin’s price would face a dip. Drawing a parallel with the Coinbase IPO, he asserted that any price elevation during the ETF’s debut could represent a short-term peak.

Moreover, amid the emerging FTX saga in November 2022, he projected a significant market downturn, which materialized as the overall market cap shrunk below the $1 trillion mark. Burniske went on to prognosticate that the cryptocurrency market cap will eventually burgeon past $10 trillion, though this remains to be seen.

Bitcoin’s Market Price Below $40K

CoinStats, a site dedicated to tracking cryptocurrency prices, indicates that BTC is presently valued at $39,900, noting a downturn of 2.8% over the prior week.

The current market price shows a decline from the highs experienced surrounding the anticipation of the U.S. Bitcoin ETF, when BTC’s value briefly surged to around $47,000.