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<ul>
 <li>Burniske wouldn’t be shocked if the mid-to-high $20,000 area was challenged.</li>
 <li>The long-term trend “remains robust,” but many of the cycle’s first parabolas are breaking.</li>
</ul>
The crypto sector’s long-awaited desire was granted two weeks ago when the United States <a href="https://thenewscrypto.com/u-s-sec-delays-grayscales-ethereum-trust-etf-application/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> permitted Bitcoin spot ETFs for trading. There was a lot of buildup to this historic event, and the eleven ETFs all had strong first-day trading volumes.
Nevertheless, the market’s first response to this highly anticipated announcement was very muted. In the intervening seven days, the cryptocurrency market has seen a downturn. Placeholder partner and former <a href="https://thenewscrypto.com/ark-invests-cathie-wood-slams-vanguard-over-bitcoin-etf-snub/" target="_blank" rel="noopener noreferrer nofollow">Ark Invest</a> crypto head Chris Burniske believes that the local bottom for bitcoin has not yet been struck.
<h3 class="wp-block-heading" id="h-patience-is-your-friend">Patience is Your Friend</h3>
He anticipates a price decline to the $30,000–$36,000 level and, before attempting to break out to new all-time highs, he wouldn’t be shocked if the mid-to-high $20,000 area was challenged.
Burniske stated:
<blockquote class="wp-block-quote">
 “As always, patience is your friend. The path to get there will be volatile – expect fakeouts – and will take months to play out.”
</blockquote>
The long-term trend “remains robust,” he said, but many of the cycle’s first parabolas are now breaking. In many ways, macro seems to be in a perilous situation. Things still seem quite isolated, and new product advancements are on the horizon but not quite there just yet, as per the analyst.
After the spot bitcoin ETFs opened for trading on January 11, bitcoin prices fell over 20% to below $40,000 until a 5% rebound on Friday. At the time of writing, bitcoin is trading at $41,820, down 0.13% in the last 24 hours as per data from <a href="http://coinmarketcap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>.
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Renowned Analyst Anticipates Bitcoin Price to Fall Around $20K

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