From Nasdaq, Inc.:

Chris Burniske, former cryptocurrency lead at Ark Invest and now a partner at Placeholder, predicts a potential sharp decline in Bitcoin’s price. He foresees Bitcoin dropping to the $30,000-$36,000 bracket and possibly touching the mid-high $20,000 zone before bouncing back to a new all-time high. The recovery journey could be rocky and may take several months.

Despite a recent 5% surge, Bitcoin had previously plummeted nearly 20% to below $40,000 following the Jan. 11 debut of spot bitcoin ETFs. Burniske expressed bearish sentiments, warning of potential downside in the king of cryptocurrencies. Other analysts have also expressed pessimistic views on Bitcoin, with one warning that Bitcoin could potentially hit the $10,000 to $15,000 range.

In addition, an Ethereum advocate criticized the cryptocurrency market as the “craziest, most utterly detached-from-reality, unhinged casino market the world has ever seen.” At the time of writing, Bitcoin was trading at $41,787, up 3.99% in the last 24 hours.

Despite the bearish outlook, Bitcoin surged 5% on Friday, following a previous 20% drop. Chris Burniske warned of a potential sharp decline in Bitcoin’s price, stating the recovery journey could be rocky and may take several months. Other analysts have also expressed bearish sentiments on Bitcoin, with one warning that it could hit the $10,000 to $15,000 range. The upcoming Bitcoin halving in April could render nine of the 11 largest publicly traded Bitcoin miners unprofitable at a Bitcoin price of $40,000.



Read more: Bitcoin To Touch Mid-$20K Levels Before Bouncing Back To New All-Time High, Says Former Ark Crypto Lead: ‘Path To Get There Will Be Volatile’