Renowned Cryptocurrency CEO Says, ‘I Won’t Be Buying Bitcoin Right Now,’ Reveals Levels at Which He Might Make Purchases

Chris Burniske, a partner at the crypto investment company Placeholder, shared a noteworthy assessment of the Bitcoin market.

Burniske stated that he would increase his purchases if a new downturn occurred in the cryptocurrency market, adding that especially at levels below $50,000, the “BTC is dead” narrative could resurface.

Burniske, in a statement made via the X platform, argued that while there are no active buyers at this stage, the critical price levels to watch for Bitcoin are clear. According to him, the first significant level is around $80,000. This region is considered the local base of the current “bear market,” corresponding to the low seen in November 2025. The second critical point is around $74,000. This level corresponds to the low seen in April 2025 and during the “tariff panic,” and is also just below Strategy’s cost basis of approximately $76,000.

According to Burniske, the $70,000 level is particularly significant because it represents the upper limit of the $50,000–$70,000 range and is close to the 2021 peak. Another strong support zone is around $58,000. This point stands out as the area where the 200-week simple moving average (SMA) intersects with the on-chain cost floor. The most critical scenario is $50,000 and below. Burniske states that this area is a psychological bottom and that a drop below these levels would strengthen the “Bitcoin is dead” narrative in the market.

The experienced investor added that his strategy is independent of price movements. Accordingly, if the market reacts upwards from current levels, he will continue to hold his assets and diversify his portfolio. However, in a sharper downturn scenario, he plans to increase his purchases in certain crypto assets, primarily Bitcoin.

*This is not investment advice.