While bitcoin, the most important cryptocurrency, has not reached a new low since June 29, is attracting bearish estimates, as it slips below its 50-day moving average.
"I expected more testing at the next support level, starting at US $ 6,072, followed by US $ 5,775," Rob Sluymer, technical strategist at FundStrat Global Advisors in New York, wrote in a note on Wednesday. These price levels represent the starting point of the rebound of mid-July and the minimum of the year.
Bloomberg Intelligence analyst Mike McGlone said that bitcoin is positioned to weaken further, to the average level of 2017.
"A reversal to last year's average of about US $ 4,000 seems likely, bringing this year's decline to about 80%, a reciprocation worthy of the 2017 shopping frenzy," McGlone wrote.
The analyst described this year's correction as "docile" compared to those recorded in previous years.