Bitcoin fell to its lowest price in 15 months on Friday (Dec. 14), and analysts are predicting that further declines could be in store for the popular cryptocurrency. The price of bitcoin broke below the $3,200 mark to reach roughly $3,160 in the afternoon, MarketWatch reported.
Daily FX Analyst Nick Cawley wrote in a note, which was reported prior to the latest drop, that the cryptocurrency could reach even lower lows heading into the future. “Bitcoin looks set to fall below $3,000 in the short-term with the $2,970 Sept. 15, 2017, swing-low the next target,” he wrote. “Below here, horizontal support at $1,760 off the July 18 low comes into play in the longer-term.”
On Friday, as of the writing of this article, other cryptocurrencies were also on the decline: Ethereum fell by 6.85 percent to reach $83.16, according to CoinDesk as of 12:58 p.m. And XRP dropped by 5.76 percent to reach just under 29 cents, per CoinMarketCap as of 12:58 p.m., while Litecoin declined by 5.31 percent to reach $22.96.
In a 24-hour period leading up to last Friday morning (Dec. 7), bitcoin tumbled by 8 percent, marking a fresh round of declines for bitcoin at the time. The digital currency was trading at just over $3,375 as of 8:40 a.m. that day, XRP was at 29 cents and Ether was trading at $83.19 as of 11:21 a.m. that day, per CoinDesk. (XRP dropped by about 10 percent, as Ether had an even greater 15 percent fall.)
“The market is in a general bearish trend that doesn’t seem to be letting up, driven by what seems to be a general negative sentiment toward crypto,” Kapronasia Director Zennon Kapron told CNBC of the move at the time. “As the market is heavily retail-driven, it’s very much at the mercy of group sentiment, which causes huge swings.” The executive also said that the trend could carry “well into” next year if there aren’t any positive drivers in the “near future.”