Crypto Researcher Burniske Foresees $20k Bitcoin and $1,500 Ether As Max Bearish Price Scenarios — Here’s Why

Crypto Researcher Burniske Foresees $20k Bitcoin and $1,500 Ether As Max Bearish Price Scenarios — Here’s Why
фото показано с : zycrypto.com

2022-5-4 01:51

Despite lingering concerns about the crypto market’s high correlation with equities, analysts still place their confidence in crypto. According to market analyst and Placeholder VC partner Chris Burniske, Bitcoin and Ethereum have and will continue to hold the upper hand over the stock market.

BTC and ETH’s worst-case scenario trumps that of equities

Burniske shared in a tweet that the crypto market has “held up remarkably well” against high-growth equities. While Bitcoin (BTC) and Ether (ETH) have fallen approximately 40% from all-time highs, many high-growth equities are down between 60 to 80%.

The former ARK Invest crypto arm head speculated on three likely reasons for this trend. One of these reasons could be that the relative strength of crypto has been temporary and the market has more room to fall to catch up with equities.

He explains that in the scenario, he foresees the prices of the two market leaders bottoming out at $20,000 and $1,500 for BTC and ETH respectively. At those prices, BTC and ETH would still be only 70% off the highs.

“The relative strength of crypto has been temporary, and we have a lot more room to fall… The max bear scenario I would foresee would be BTC $20K and ETH $1500, which is “only” ~70% off the highs,” he said.

The two other reasons he speculated on related to growing adoption, and capital inflows to the market. Bitcoin and Ethereum’s outperformance of equities may be tied to the growing acceptance of Bitcoin as an inflation hedge, and acceptance of ETH as a “soon-to-be quality yielding asset.”

The market may also be recognizing the overarching innovation of crypto he added to his thoughts on the influence of adoption. Similarly, he also noted that crypto strength above equities may be due to support from enormous sums of capital entering the market over the last 18 months.

Could BTC and ETH end at a lower bottom?

Burniske is not the only analyst that has shared his bottom price take. Bill Noble, a senior analyst at Token Metrics, holds a very similar opinion as Burniske, predicting Bitcoin is likely to bottom out at $20,000.

In an interview with Business Insider, Noble opined that with the war in Ukraine, 41-year-high inflation, and policy errors by central banks, the crypto market is under extreme pressure. However, when these conditions pass, crypto could be poised to be the dominant global asset.

“Once the global financial stomachache is over, then I think in 2023 crypto emerges — even if it’s later in 2023 — as the ultimate financial investment for the future,” said Noble.

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