Bitcoin (BTC) has broken below $4,000 and could test short-term barriers of $3,400, traders are predicting.
After hitting all-time highs approaching $4,500 earlier last week, a correction has seen the Bitcoin price dip below the significant $4,000 level.
Even mainstream media investment sources predicted the sub-$4,000 drop, with CNBC advising viewers to wait until $3,600 to buy Bitcoins.
Following a bounce back to around $4,200 and a subsequent fall of $400, Bitcoin’s price performance is so far remarkably in line with CNBC host Brian Kelly’s predictions.
Meanwhile, the losses repeated across cryptocurrency markets, ending an altcoin surge which only managed to sustain several days’ gains.
The notable exception remains Monero, which posted a huge 75 percent increases in value Monday after South Korean exchange Bithumb announced it would launch trading.
Across the top ten coins on Coinmarketcap, both Ethereum forks declined, with Ethereum Classic hovering around multi-month lows of $13, having previously risen as high as $24.
Long-term, commentators are sensing too much of a good time could mean Bitcoin’s growth remains sluggish going forward.
The past two years have seen a noticeable acceleration in price comparatively recently, repeating previous boom-and-bust style peaks and troughs but in a more exaggerated manner.
As such, a potential drop could be equally steep as the past six months’ climbs, commentators say, with one trader suggesting that while $2000 is “possible” this year, a Mt. Gox-style bust is less likely.