The experts are sure that the cost of the first cryptocurrency may drop to $3 200.
The Fundstrat Global Advisors analysts believe that the price of bitcoin will continue to fall because the coin did not find a support at the April low. In their opinion, in the near future the value of the cryptocurrency will decrease to $5 000-5 500.
«This week, with almost all cryptocurrencies breeching important support at the prior week’s lows. Many are now stress testing or breaking next important support levels. Notably BTC at the April lows at $6 450», − the researchers write.
The analysts do not exclude that the cost of bitcoin can fall well below the $5 000 mark and reach the bottom of the long-term price channel that began in mid-2015. It will mean a reduction in the price to $3 200.
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According to the experts, the similar dynamics of the exchange rate was observed in 2013-2014. Because of it the authors of the report conclude that even such a deep correction will not affect the long-term ascending trend of bitcoin.
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