Are you shocked to see the price? Bitcoin (BTC) Take a nosedive since then historical approval of the long-awaited crypto spot ETFs?
According to an expert, it will fall much further.
echo Comments This week, mega-rich crypto trader Arthur Hayes – Chris Burniske, partner at venture capital firm Placeholder – said BTC could fall further.
The reason? Burniske on Friday wrote on Twitter that “macro acceptance” matters [and] new product development.”
“Bitcoins [will go] to at least $30-36,000 before a local bottom and [I] We wouldn’t be surprised if we tested in the mid to high 20s before it’s all said and done,” he said.
However, the former head of crypto at ARK Invest also said that BTC will rise in the long term and eventually reach new all-time highs.
“As always, patience is your friend,” he said, adding that “the road ahead will be inconsistent.”
BTC was one of the best performing assets globally last year. The price started 2023 at under $17,000 per coin and ended at over $42,000.
However, even though some experts claimed that the price would skyrocket following the approval and trading of ETFs (Exchange Traded Funds) on Wall Street, the largest virtual coin has suffered a major setback afterward close briefly at $49,000.
According to CoinGecko data, the price is currently at $42,083 shows.
The largest and oldest cryptocurrency is still well below its November 2021 all-time high of $69,044.
Edited by Ryan Ozawa.
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