The price of bitcoin fell below $4,000 for the first time today since September 27th of last year.
At around 16:20 UTC Saturday, the world’s largest cryptocurrency by market capitalization sank to an average price across exchanges of $3,970.43, a figure 7.5 percent lower than the day’s opening price of $4,298.83.
Technical analysts had predicted that further losses awaited bitcoin over the weekend, and those bearish forecasts were proven correct.
After extending as high as $4,370 in the early morning hours, the bitcoin price spent the majority of the remainder of the day on a rapid decline leading to below the $4,000 mark.
Support at $3,000?
Now that the market has proven unable to sustain the $4,000 level, many analysts have fingered $3,000 as BTC/USD’s next crucial support level. Genesis Capital CEO Michael Moro, for instance, had previously predicted that the bitcoin price would find a bottom near $3,000 before ultimately beginning the long grind back into bull territory.
Just seven days ago, the market was valued at $182 billion, but that number has since fallen $54 billion, or 30 percent to where it now stands at $128 billion, its lowest value since September 2017.
What are your thoughts? Do you think Bitcoin will recover or will it hit support at $3,000 before recovering?