Bitcoin falls to $57,370 but analysts still predict crypto to be worth $400K this year

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The price of Bitcoin (BTC) has dropped to $57,370, retreating 2.6% in the last 24 hours. The cryptocurrency is now weakening marginally away from the vaunted $60,000 level it has struggled to maintain.

This week’s decline is not “convincing,” analyst Filbfilb said, reiterating other market observers’ feeling of doubt about the possibility of a short-term bullish continuation.

Bitcoin stretched its price drop late Wednesday in the wake of warnings that excessive long positions needed to be flushed out in order to allow for fresh gains.

The world’s most popular digital asset, bitcoin, barely recouped its losses on April 9 as fresh worries surfaced about the bull run continuing this month.

Hitting new lows

Charts by Cointelegraph Markets Pro and TradingView showed the BTC/USD pair registering new lows of $55,760 during late Wednesday’s trading.

The second day of further losses for the crypto pair occurred as altcoins also started to backpedal from their earlier gains, with Ether (ETH) falling under $2,000.

After several failed attempts to break out of resistance near all-time peaks, analysts were becoming more aware of a further drop and a temporary stoppage to further price increases.

Polkadot’s DOT and XRP, on the other hand, were the major decliners in the top 10 cryptocurrencies in terms of market valuation, losing more than 10% on the day. All except one of the top 50 digital tokens, excluding stablecoins, fell in the red zone.

… but optimism prevails

Meanwhile, Bloomberg’s bitcoin analysts predict the price of bitcoin to soar as high as $400,000 this year. The uber-bullish forecast is based on the crypto’s performance during the 2017 and 2013 bull runs.

“Our graphic depicts bitcoin on similar ground as the roughly 55 times gain in 2013 and 15 times in 2017,” Coindesk quoted Bloomberg Crypto as noting in its monthly report that was made public this week.

Image courtesy of Karolina Grabowska/Pexels

Jet Encila

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