Bitcoin, the largest cryptocurrency in the market, experienced a price recovery on Friday; however, industry experts anticipate a further test of sub-$30,000 levels in the near term.
The prolonged downtrend observed over the past fourteen days, coupled with mounting selling pressure, has raised concerns about the sustainability of the recent rebound.
BTC’s Local Bottom Predicted
Chris Burniske, co-founder of a New York-based venture crypto firm, highlights several factors contributing to the anticipated downward movement of Bitcoin.
Burniske suggests that the consolidation phase may extend longer than expected due to many variables, including crypto-market dynamics, macroeconomic conditions, adoption trends, and new product developments.
Burniske offers his outlook on Bitcoin, stating that a local bottom could be reached in the $30,000 to $36,000 range. However, he wouldn’t be surprised if the cryptocurrency tests the mid-to-high $20,000 before recovery occurs, leading to a r
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