Bitcoin could form a “perfect buy” at $3000 if current downtrends continue to strong support levels.
As Bitcoin dips below $4000 after JPMorgan CEO Jamie Dimon-rsquo;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 -ldquo;perfect buy.-rdquo;
-ldquo;I have strong support at $3,000 so don't see it going lower,-rdquo; he added in several commentaries on Twitter.
-mdash; Tone Vays [#NO2X] (@ToneVays) September 13, 2017
Prices across cryptocurrency markets continue to react to a -lsquo;double whammy-rsquo; 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 -ldquo;fraud-rdquo; and that it would sooner or later collapse.
Its only use, he said, was for -ldquo;North Korea, Venezuela and drug dealers-rdquo; and even in this scenario this use case was -ldquo;limited.-rdquo;
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.