Bitcoin prices have repeatedly suffered weakness over the last several months, and recently, a Bloomberg analyst predicted that the digital currency could fall to as little as $4,000.
"Bitcoin is in dump mode, following the pump run-up on the potential for a U.S. ETF," Bloomberg Intelligence analyst Mike McGlone stated during a recent interview.
"It may not subside until revisiting good support near $4,000 -- last year’s mean."
This possibility could very well materialize, according to a handful of market analysts.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
"Bitcoin has been trading in a very stable range over the last few months with buyers stepping in just above the $5,000 handle and on the top, we have the 200 day moving average acting as a perfect point of resistance," stated Mati Greenspan, senior market analyst for social trading platform eToro.