Bitcoin Drop Low again, Have Room to Fall Further Says Analyst





Bitcoin dropped below the $4200 price point to as low as $4,195 earlier on Friday, breaking the lowest threshold for the first time since September 2007, As of press time, the major cryptocurrency is down around 4.5 percent and is trading at $4,291.  Following a massive decline last week, Bitcoin is down around 23 percent over the past 7 days.

According to CoinMarketCap, bitcoin's dominance on the markets accounts for about 54 percent as of press time.
Bitcoin 24-hour price chart. Source CoinMarketCap

Analyst: Bitcoin Posible to Fall Further, BTC May Touch $3,500

Following a turbulent week for the cryptocurrency markets, most major cryptocurrencies have fallen even further today, and analysts now believe that there is more room t fall for Bitcoin and Ethereum.

Ober the past few days Bitcoin has established a new trading range between $4,200 and $4,600. and it is becoming increasingly unclear as to how the markets will respond to prices so low compared to where they were just a couple weeks ago.

There is a general consensus amongst cryptocurrency analysts that another downwards move is imminent. with most analysts expecting a move into the $3,500 region before the cryptocurrency sees any type of relief rally.

Speaking to MarketWatch by newsbtc, Naeem Aslam, a chief market analyst at Think Markets U.K. said that the increasing imminence of regulation has been suffocating bulls. and the lack of buying volume could push Bitcoin's price to $3,800 or even $3,500.

Bitcoin is likely to move even lower after a failed attempt to break above the $4,700 leve. The regulatory environment is suffocating the bulls and the vears 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. Aslam explained.
Aslam shares a similar sentiment to Jani Ziedens of CrackedMarket, who said that a relief rally won't be seen until Bitcoin hits a level with significant buying pressure. which he says exists in the $3,500 region.
"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 tumble. a bounce from $3.5k to $5k is a nearly 50% payout for just a few days of work. This is not for the faint of heart. but there will be nice rewards for those willing to jump aboard the inevitable bounce." he said.


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