Bitcoin's Price Outlook: Potential Fall to Mid-$20K Range Before Rebound

Chris Burniske, partner at Placeholder and former crypto lead at Ark Invest, predicts that bitcoin could drop to the $30,000-$36,000 range and potentially test the mid-high $20,000 area before moving towards a new all-time high. He advises patience due to expected volatility and warns of a precarious macro outlook. Despite a recent 5% rally, bitcoin had previously fallen nearly 20% to under $40,000 following the opening of spot bitcoin ETFs on Jan. 11. Burniske emphasized that he is not majorly de-risking, but rather assessing the situation and preparing for potential market movements.