Bitcoin (BTC) has not bottomed out yet, said Chris Burniske, a partner at venture capital firm Placeholder and former head of crypto assets at Ark Invest.

He expects the stock to fall to at least the $30,000 to $36,000 range, and wouldn’t be surprised to see it test the mid-$20,000 range before eventually hitting a new all-time high.

“As always, patience is our friend. The road to get there will be bumpy, bumpy and will take several months.”

But the long-term trend “remains strong,” he said, adding: “There were a lot of upswings earlier in the cycle, but now we’re down. The macro environment seems volatile on many levels. New product innovation is We’re getting closer, but we’re not there yet…I think the situation is still limited.”

Before rising 5% on the 26th, Bitcoin had fallen about 20% since the start of trading in the physical ETF on January 11th, below $40,000. At the time of writing this article, it costs around $41,700.

“I’m not saying we’re massively de-risking. Rather, we’re counting the bullets and sharpening the blade,” Berniske concluded.

｜Translation/editing: CoinDesk JAPAN
｜Image: Chris Burniske (CoinDesk)
｜Original text: Bitcoin Could Fall Back to Mid-$20K Area: Chris Burniske