As Bitcoin dips below $4000 after JPMorgan CEO Jamie Dimon’s criticism, analysts are forecasting a return to as low as $3000.
In daily and weekly chart comments Wednesday, Tone Vays led the way predicting a bear market, calling $3000 the “perfect buy.”
“I have strong support at $3,000 so don’t see it going lower,” he added in several commentaries on Twitter.
UPDATE: The 1hr & 4 hr might be close to a bottom for $BTCUSD. Overslept “Today in #Bitcoin” on @WorldCryptoNet 🙁 pic.twitter.com/IpIkYriuRN
Daily & Weekly $BTCUSD are a bit mixed, but more Bearish than Bullish. Strong support & perfect #Bitcoin buy is $3,000. Will it get there? pic.twitter.com/EPcx7F3KVI
Prices across cryptocurrency markets continue to react to a ‘double whammy’ of Chinese exchange ban speculation and an extant ban on ICOs, which Dimon served to compound.
Bitcoin had reached almost $5000 prior to the China upheavals. As of press time, the price per coin was hovering around $3800 on Bitstamp according to data from Bitcointicker.
Dimon has received broad discredit for his comments at a New York conference in which he compared Bitcoin to “fraud” and that it would sooner or later collapse.
Its only use, he said, was for “North Korea, Venezuela and drug dealers” and even in this scenario this use case was “limited.”
In altcoin markets, NEO, which had reacted especially severely to news from China, lost another 17 percent in the 24 hours at press time to cap 50 percent losses in a week.
Sept. 6 saw Bitfinex add the asset to its exchange, helping boost prices up to $35 before new steep declines.