The Bitcoin price (BTC/USD) has dropped below the $6,000 mark, following a late Thursday slump that saw the leading digital coin tumbling to its lowest close so far this year.
Having opened at $6,153.16, the original cryptocurrency spent most of the session successfully defending the $6,100 mark. The situation changed in the final hours of the session, as the Bitcoin price experienced a sharp decline, which resulted in the digital coin notching up its first close below $6,000 since November 12. At $5,903.44, it was also the lowest close for Bitcoin since October 28, according to data from cryptocurrency tracker Coinmarketcap.
The slump continued in the early hours of today’s trading, with the Bitcoin price descending to a six-day low of $5,835.75. While the cryptocurrency has managed to rebound in more recent trading, it has remained below the $6,000 mark. At the time of writing, the Bitcoin price was hovering around $5,925.
According to Ran Neu-Ner, who is host of CNBC Africa’s TV programme “Crypto Trader”, prices will fall even further.
“Right now my money is on the market continuing to go down,” Neu-Ner told CNBC’s “Fast Money” yesterday, adding that there was more than 60% chance of a crypto bear market.
“And a bear market means we're going to test $5,350" as the new low, he said. “I'm calling $5,350 in the next week or two."
Still, the trader believes that the current price levels present a good long-term investment opportunity.
"If you understand the technology and you're a bull, then now is a great time to be buying," Neu-Ner said, as quote by CNBC. "The blockchain is progressing and this thing isn't going away."
In today’s trading, the Bitcoin price stood at $5,926.74, as of 10:23 BST. The digital coin has lost3.2% of its value in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide