Bitcoin is predicted to fall to $ 20,000 before a new high

Bitcoin will face months of struggle to regain lost ground and challenge local highs, investor Chris Burniske said. In a post on the X platform, Burniske, who is a partner at cryptocurrency venture capital firm Placeholder, predicted that BTC $84,104.75 Bitcoin 0.68% Market capitalization $1.67 trillion VOL. 24 hours $1.77 billion would fall to $ 20,000 before a new high.

The analyst is convinced that the price of BTC will «at least» fall to $ 30,000. Burniske is betting on new lows in the BTC price before a «real move.»

Bitcoin continues to receive bearish price forecasts, and more and more well-known representatives of the crypto industry are expecting its decline. Berniske is now among them, and his target low is much lower.

Although bitcoin may suffer, altcoins will fall even more, Berniske is convinced. «As always, patience is your friend,» the investor emphasized. «If I’m right, most tokens will fall more than BTC in percentage terms.»

Arthur Hayes, the former CEO of BitMEX, also believes that BTC will fall even further in the near future. «BTC looks insanely heavy ,» Hayes wrote. The analyst believes that the price of BTC will continue to fall until the US Treasury announces its quarterly refund on January 31.

Earlier this month, Hayes wrote that the price of the market’s flagship would drop by at least 20−30% in March 2024 from whatever level it reaches at that time. The reason: US financial policy. According to Hayes, BTC will return to growth right after March 20. That is the day when the Federal Reserve will provide a forecast of changes in the key rate, which is currently being prepared by the Federal Open Market Committee.