After a turbulent week for cryptocurrency markets, most of the major cryptocurrencies fell even lower today, and analysts now believe there is more room to fall for Bitcoin and Ethereum.
At the time of writing this article, Bitcoin is trading down more than 4% at the current price of $ 4,300. In recent days, Bitcoin has established a new trading range between $ 4,200 and $ 4,600, and is becoming increasingly uncertain about how markets will respond at such low prices compared to where they were just a couple of weeks ago.
There is a general consensus among cryptanalue analysts that another downtrend is imminent, with most analysts expecting a $ 3,500 transition into the region before the cryptocurrency sees any kind of demonstration of rescue.
Speaking with MarketWatch, Naeem Aslam, chief market analyst at Think Markets U.K., said the growing imminence of regulation has stifled the bulls, and the lack of buying volumes could push the price of Bitcoin to $ 3,800 or even $ 3,500.
"Bitcoin is likely to move even lower after a failed attempt to break the $ 4,700 level." The regulatory environment is stifling bulls and bears are becoming savage. of $ 3,800 or even $ 3,500 if the current momentum continues, "Aslam explained.
Aslam shares a sentiment similar to that of Jani Ziedens of CrackedMarket, who said that an aid rally will not be seen until Bitcoin reaches a level with significant purchase pressure, which he believes exists in the $ 3,500 region.
"Try to keep selling in the next few days, but it is likely to rebound $ 3.5k-ish back to $ 5k, although this does not seem much given the last fall, a rebound from $ 3.5k to $ 5k is a nearly 50% payment for a few days of work This is not for the faint hearted, but there will be some nice rewards for those who want to jump on board the avoidable rebound, "he said.
Related reading: The best technological actions have lost more than the entire cryptography market from the historical maximum
The Altcoins keep falling while Bitcoin shows Weakness
Despite the relative stability of Bitcoin at its current levels in recent days, the altcoins have continued to decline, with many large alts falling by 4% or more.
At the time of writing this, Bitcoin Cash is one of the most successful major securities, with a decline of over 6% at the current price of $ 205. Bitcoin Cash is currently trading below its record low of $ 208 and not shows signs of stopping between the controversies surrounding the "civil war" between BCH ABC and BCH SV.
Ethereum also performed very poorly during the market downturn and is currently down 7% at the current price of $ 121. Speaking with MarketWatch, Aslam also explained that ETH could fall below $ 100 due to the decline in ICO fund-raising interests.
"The most troubling aspect is that Ethereum could fall below 100-mark and the honest truth is that a large number of fake coins were discharged from the system and this made Ethereum less valuable", called Aslam.
As market price action continues to take place over the next few days and weeks, investors will have a broader view of the long-term significance of this decline.
Shutterstock foreground image.