Former Ark Invest analyst forecasts Bitcoin reaching $20,000 and Ethereum at $1,000 minimum
It may have come as a surprise to some that the crypto market opened in the red zone today, but many experts and enthusiasts have forecasted and expected such occurrences.
Chris Burniske, a former Ark Invest researcher and well-known crypto enthusiast, took pity on his colleagues who had placed “bullish chips” on the table and backed his tweet with a forecast he made in early August. Burniske expected either a repeat of the June lows or a major correction from those levels in this prediction.
According to the expert, Bitcoin’s price at $20,000 and Ethereum’s price at $1,000 should see at least a pullback and, at worst, a retest of these lows. Burniske said “after” when asked if the price decline should occur before or after ETH’s move to proof of stake.
Consequently, if the expert is to be believed, the price of Ethereum after the anticipated Merge date of September 15 should update its lows during the last several years.
The advantages and disadvantages of today’s collapse
Bitcoin quickly shattered the support between $22,800 and $22,500 and briefly approached $21,400. Two considerations should be made: good — the price of BTC declined, thereby correcting the increase of recent weeks and “cooling” indications; bad — despite the market sentiment being favourable, the swift entrance to the block of $21,700-$21,400 makes one consider the march to $19,000.
It is important to observe the responses of the blocks. The support level is unchanged at $21,400. To continue climbing, we must consolidate over $21,800 during the following three days.