Venture Capitalist Warns Bitcoin Falling Below Major Support Zone a ‘Foregone Conclusion’ if This Happens

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A prominent digital asset venture capitalist is warning that Bitcoin (BTC) could soon fall below a key support level.

Chris Burniske, the founder of Placeholder Capital, tells his 269,900 followers on the social media platform X that if Bitcoin decides to take a breather, it will likely dip below $40,000.

“If we reset and go for full consolidation, then BTC breaking beneath $40,000 is a foregone conclusion; it’s more what we do in the mid-to-low $30,000s that’s an open question – and no, I won’t ‘trade’ this, I’m still just an accumulator if and when prices get tasty again.”

Pseudonymous crypto analyst Inmortal is also suggesting Bitcoin will dip below $40,000. He believes that if Bitcoin corrects, the crypto king will find support at the $37,700 level before bouncing.

“I like $37,700.

Trendline + monthly open confluence.”

Image
Source: Inmortal/X

Bitcoin is trading for $43,080 at time of writing, up 5.36% in the last 24 hours.

Burniske also weighs in on Solana (SOL) and says one reason he is bullish on the Ethereum (ETH) competitor is because of the project’s active ecosystem, including token airdrops.

“Community-focused airdrops within the Solana community will induce tremendous wealth and loyalty effects, further washing away the ashes as the phoenix rises.

This trend is only just gaining steam.”

Solana is trading for $75.81 at time of writing, up 9.61% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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