Bitcoin Price Plummets Below $4,000: Analyst Predicts Will Hit $3,000


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?


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Wilson

Wilson is a 3x Startup Entrepreneur. He is passionate about the cryptocurrency space. You can catch him tweeting about cryptocurrency often @itswilson8

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