I was surprised when I saw the price. Bitcoin (BTC) plummeted since then historical approval The long-awaited cryptocurrency spot ETF?
Well, according to one expert, it will fall even further.
echo comment This week, big-asset cryptocurrency trader Arthur Hayes (and Chris Burniske, partner at venture capital firm Placeholder) said BTC could continue to fall.
reason? Friday’s Burnisk wrote Twitter said it comes down to “macro adoption (and) new product development.”
“Bitcoin will go to at least $30-36,000 before the local low and I wouldn’t be surprised if it tests the mid-20s before everything is decided,” he said.
However, the former cryptocurrency leader at ARK Invest said that in the long term, BTC will rise and eventually reach new all-time highs.
“As always, patience is your friend,” he said, adding, “The road to get there will be rocky.”
BTC was one of the best-performing assets globally last year. It started 2023 at less than $17,000 per coin and ended at over $42,000.
But the biggest virtual coin has taken a huge hit, even as some experts claim its price will surge due to the approval and trading of exchange-traded funds (ETFs) on Wall Street. close for a moment It’s $49,000.
The current price is $42,083. CoinGecko data show.
The largest and oldest cryptocurrency is still well below its November 2021 all-time high of $69,044.
Edited by Ryan Ozawa.
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