Share this article
Bitcoin Could Fall Back to Mid-$20K Area: Chris Burniske
The former crypto lead at Cathie Wood's Ark Invest remains bullish over the longer term.
Updated Mar 8, 2024, 8:33 p.m. Published Jan 26, 2024, 4:46 p.m.
The local bottom for bitcoin has yet to be hit, said Chris Burniske, partner at venture capital firm Placeholder and former crypto lead at Ark Invest.
He sees the price dropping to at least the $30,000-$36,000 range and wouldn't be surprised if the mid-high $20,000 area were tested prior to an eventual move towards a new all-time high.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"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."
Advertisement
Prior to a 5% rally on Friday, bitcoin had tumbled nearly 20% to under $40,000 following the Jan. 11 opening for trade of the spot bitcoin ETFs. The price stood at $41,700 at press time.
"Never said I'm majorly de-risking, more just counting my bullets and sharpening my blade," concluded Burniske.
More For You
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
