Bitcoin will fall to $4,000 before any sustained bounce, analyst predicts - MarketWatch (
Cryptocurrency prices gave up some recent gains Wednesday, with bitcoin, the No. 1 digital currency, drifting back below $7,000 as bullish traders hold their breath. The swings in crypto prices over the past week have been indicative of the wider market, marked by listless, directionless trade.

“The market remains topsy-turvy and people aren’t sure what lies ahead,” said Charles Hayter, co-founder of CryptoCompare. “Last year we went from irrational exuberance where people were riding the trend higher, to a shift lower this year.

Essentially we have gone from higher highs to lower lows.”Adding to the slide were concerns after U.S.-based cryptocurrency exchange Kraken suffered a systems failure. Exchange failures continue to weigh on the market-validity debate.


Kraken [email protected]We are currently experiencing issues across all funding methods. Please expect crypto and fiat deposits to be delayed until we identify and resolve the issue.

4:18 PM - Apr 4, 2018
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Bitcoin BTCUSD, -3.13%  last changed hands at $6,876.19, down 7.3% on the day.
Read: Why is blockchain-of-choice Ethereum underperforming crypto rivals?
Analyst: Real bounce won’t occur until bitcoin hits $4k
The debate remains whether the failure at the “death cross,” where the 50-day moving average crossed below the 200-day moving average Monday, was a medium-term low. But one analyst said it was just a function of the “grossly oversold levels” and not a shift in sentiment.

“Expect prices to undercut February's lows over the next few weeks and that violation to trigger a large wave of defensive selling,” said Jani Ziedins of Cracked Market in a Tuesday blog.
“Don’t expect prices to bounce until we fall into the $4k range. Then and only then will it be safe to buy the bounce,” he said.

Alt-coins and futures
The decline in bitcoin has weighed on the digital-currency industry. After pushing above $400 yesterday, ether fell 7.8%, to $377.53; bitcoin cash was off 8.1% at $654.65; Litecoin last traded at $120.64, down 10.2%; and Ripple was down 7.5%, at 50 cents.

Futures markets ended the day well in the red. The Cboe’s April contract XBTJ8, -3.92% settled Thursday down 7.9% at $6,890, and the CME Group Inc.

April contract BTCJ8, -3.72%  closed down 8% at $6,860.

Watch: Check bitcoin and other cryptocurrency prices, performance and market capitalization—all on one dashboard
    • 1
    Francisco Gimeno - BC Analyst Two weeks ago someone predicted a Bitcoin on $3000, today we read at least $4000 before bouncing. The trend sounds bearish indeed for this month, as there is uncertainty in the markets yet. However, as usual, before investing, buying or selling, let´s do the proper homework and due diligence.