Bitcoin falls below $6,000, and one crypto trader says it will go lower. Here are alternatives to buy

Bitcoin fell to new lows around $5,900 on Thursday, the second time dropping below $6,000 this month.
Cryptocurrency trader Ran Neu-Ner says the price will likely fall to around $5,350 in the next two weeks.
Still, he remains bullish on long-term investments in bitcoin.
Meanwhile, he tells investors to consider two other coins.
Bitcoin fell below $6,000 on Thursday. According to cryptocurrency trader Ran Neu-Ner, it's likely to go even lower.

"There's more blood to come," Neu-Ner, who is host of CNBC Africa's "Crypto Trader," said Thursday on "Fast Money."

Bitcoin was priced around $5,915 as of 6 p.m. ET Thursday.

"Right now my money is on the market continuing to go down," he said.

In fact, Neu-Ner said there's more than a 60 percent chance of a crypto bear market — compared with a 16 percent chance of a bull market.

"And a bear market means we're going to test $5,350" as the new low, the founder of OnChain Capita said.

This isn't the first time Neu-Ner has had a grim outlook for bitcoin.

Earlier this month, he said the coin could drop as low as $5,000. Some say bitcoin mining, or the cost of production, outweighs gains once the price of bitcoin drops to around $8,000.

But Neu-Ner said mining costs outweigh profits at around $5,000
That's where the miners look at this and go: 'Is it actually worth keeping the machine on?"' Neu-Ner said earlier in June. "Then we may see a very different game in mining."

Neu-Ner reiterated those comments on Thursday and said bitcoin will soon reach a point where "miners find it's not viable to mine. They're going to switch off their machines." He said many miners have already begun doing so.

As for bitcoin, the price will continue to drop. "I'm calling $5,350 in the next week or two," Neu-Ner said.

While the trader said bitcoin is not a wise investment in the near term, he said now is a good time to consider long-term investments.

"If you understand the technology and you're a bull, then now is a great time to be buying," Neu-Ner said.