CrackedMarket Crypto Analyst Predicts Bitcoin Price To Drop To $3,500 Before Seeing $5,000 Again
During the last week, Bitcoin and other virtual currencies plummeted around 30%. Furthermore, Bitcoin was traded even under $4,200 dollars a few days ago. However, the popular virtual currency seems to be stabilized between $4,500 and $4,600 dollars. At the same time, this stability has been also achieved with a fair level of trading volume.
During a conversation with MarketWatch’s Aaron Hanking, Jani Ziedins of CrackedMarket, said that we could be experiencing a short-term bottom in the cryptocurrency market. Mr. Ziedins has also focused his attention on the $3,500 level. The last time that Bitcoin was traded close to that level was back in August 2017.
On the matter, the full-time market analyst commented:
“Look for the selling to continue over the next few days, but a bounce off of $3.5k-ish that returns to $5k is likely. While that doesn’t sound like a lot given the latest tumble, a bounce from $3.5k to $5k is a nearly 50% payout for just a few days of work.”
In a conversation with Bloomberg a few days ago, Lewis Fellas, Chief Investment Officer at crypto fund Bletchley Park Asset Management, said that there is a huge capitalization taking place in the market. Moreover, he said that he does not believe this is the end of this phase.
Currently, Bitcoin is being traded closer to $4,600 than to $4,500 according to CoinMarketCap. We might be close to a bottom in the market and this is what analysts suggest. Nevertheless, they do not discard a further drop to $3.5k levels. In addition to it, Bloomberg analysts have also suggested that Bitcoin could gravitate toward $1,500 level.
That means that Bitcoin could keep falling 70% more from the current levels. Since its all-time high, Bitcoin lost almost 80% of its value. If it reaches $3,500 it would be a drop of 82.5%.
John McAfee, Thomas Lee and Changpeng Zhao, have shown themselves very positive about the future of the space. They all believe that this is one of the several bear markets that have already affected the whole industry in the past.
Bitcoin currently has a market capitalization of $79.58 billion dollars. All the top 10 virtual currencies are registering gains in the last 24 hours with the exception of Bitcoin Cash (BCH).