Bitcoin, the flagship cryptocurrency, has notably been seeing its price plummet in the last few weeks, so much so that it went under the $5,000 mark for the first time since October of 2017. Per an experienced analyst, it may still dip under $4,000.
According to MarketWatch Naeem Aslam, chief market analyst at Think Markets UK, the flagship cryptocurrency is “likely” going to hit a $3,500 low if its current downward momentum continues, after failing to break out above $4,700. He was quoted as saying:
Bitcoin is likely to move even lower after a failed attempt to break above the $4,700 level. The regulatory environment is suffocating the bulls and the bears are going wild. It is likely that the price may touch the level of $3,800 or even $3,500 if the current momentum continues.
Other analysts, as covered, have claimed bitcoin is approaching a buy zone close to the $3,500 mark, as the cryptocurrency is set to bounce off of its support there. While it may not recover to its recent highs after bouncing, it may be a profitable opportunity, CrackMarkets’ Jani Ziedins claimed.
According to CryptoCompare data bitcoin appears to be on its way to $4,000. At press time, the cryptocurrency is trading at about $4,300 after falling 0.8% in the last 24-hour period.
Bitcoin’s price decline, as CryptoGlobe covered, has seen its hashrate plummet nearly 44% since its all-time high in August, as miners are currently struggling to stay afloat. Reports have suggested that in China, old mining machines are in fact being sold according to their weight.
As for other cryptocurrencies, Aslam noted that the decline may be more concerning for Ethereum’s ether, as a “large number” of poor coins have been launched on its network.
The most worrying aspect is that Ethereum could fall below the 100-mark and the honest truth behind that is because a large number of bogus coins have been flushed out of the system and this has made Ethereum less valuable-
ETH is currently trading at about $121.7 after falling 1.7% in the last 24-hour period. It has notably seen its price plummet from nearly $300 in the last three months. Other altcoins, including EOS, LTC, and Zcash are down in the last 24 hours, by between 0.5% and 1.3%. The XRP token is down considerably, as it lost 3.1% of its value in said period.
Curiously, some altcoins are up in the above-mentioned period. NEO, for example, is up 1.1% as it’s trading at $8.5. Dash rose 0.6%, to trade at $101.6. Tron’s TRX token has also been on the rise, and is up by 0.7% as it’s trading at $0.014.