Are you shocked to see the price of Bitcoin (BTC) take a nosedive since the historic approval of long-awaited crypto spot ETFs? 

Well, it’s going to fall a lot further, according to one expert. 

Echoing comments this week from mega-rich crypto trader Arthur Hayes—Chris Burniske, partner at venture capital firm Placeholder—said that BTC could keep dipping. 

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The reason? Burniske on Friday wrote on Twitter that it comes down to “macro adoption [and] new product development.”

“Bitcoin [will go] to at least $30-36K before a local bottom, and [I] wouldn’t be surprised if we test the mid-to-high 20s before all is said and done,” he said. 

But the former crypto lead at ARK Invest also said that over the long-term, BTC would go up and eventually touch new all-time highs. 

“As always, patience is your friend,” he said, adding that “the path to get there will be volatile.”

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BTC was one the best-performing assets globally last year. It started 2023 at below $17,000 per coin and finished priced at over $42,000. 

But despite some experts claiming that the price would rocket following the approval and trading of ETFs (exchange-traded funds) on Wall Street, the largest virtual coin has taken a battering after briefly closing in on $49,000. 

It is now priced at $42,083, CoinGecko data shows.

The biggest and oldest cryptocurrency is still well-below its November 2021 all-time high of $69,044.

Edited by Ryan Ozawa.

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