While some analysts think that the decline in Bitcoin is over, some analysts believe that the decline may continue.
At this point, former Ark Invest analyst Chris Burniske warned investors by stating that he thought the decline in BTC could continue further.
In his analysis, Chris Burniske predicted that Bitcoin will face a months-long struggle to regain lost highs.
The analyst, who thinks that Bitcoin should revisit the $ 30,000 to $ 36,000 range before creating a local bottom, stated that BTC may be tested at $ 20,000 levels before ATH, that is, before it starts to rise.
“Bitcoin will fall to at least $30,000-$36,000 before reaching a local bottom, and I wouldn't be surprised if we test $20,000 before it even moves up, i.e. before its ATH.
The path to reaching these levels will vary; Expect fake breakouts and there will be prolonged price fluctuations. “At this point, this fix could take months.”
Touching on altcoins other than Bitcoin, Burniske said that he expects BTC to have a difficult period in the future, but believes that altcoins may face an even more difficult period.
At this point, the analyst warned investors to be patient and stated that he believed that altcoins would fall more significantly than Bitcoin in percentage terms.
“As always, patience is your friend. If I'm right, mostly altcoins will fall more than BTC in percentage terms.”
Finally, Burniske emphasized that although he expects a decline in the near term, he continues to predict BTC's rise in the long term.
According to Burniske, BTC will recover from the current crisis and eventually make new ATHs with the potential to exceed previous all-time highs.
*This is not investment advice.