Bitcoin reached a 24-hour low today of £3,039.47 ($3,878.66) according to crypto tracker CoinDesk, marking some of the worst performance since September 2017. At 1.37pm GMT (UTC) the virtual token was exchanging hands for £3,107.59 ($3,964.78) per token – a 6.76 percent drop over 24 hours. The bearish pullback is another day of losses sustained over the last two weeks, after some analysts speculated a bitcoin cash fork triggered a widespread token sell-off. On Thursday, November 28, bitcoin opened at an abysmal £2,960.82 ($3,788.13) per token and investor optimism has just managed to climb back over the £2,351.40 ($3,000) support level.
There is, however, a good chance this support level is where bitcoin will find itself one month from now as the year comes to an end.
Samuel Leach, crypto expert and founder of Yield Coin, fears there is too much bad blood and negativity surrounding the token for it to bounce back.
At best, Mr Leach said bitcoin will end the year somewhere between £2,350 and £4,700 ($3,000 and $6,000) per token.
He told Express.co.uk the world’s leading cryptocurrency and fellow contender ethereum are struggling to keep up with the tech support and developments smaller tokens have.
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Mr Leach now said: “I think we can see bitcoin go down to $3,000 if I’m honest.
“I don’t think we have too much positive news that’s going to be coming out this side of the year.
“You may see that the individuals who do, have a bit of a crypto rally over the Christmas period of bringing it back to around $6,000.
“For me, it’s going to sit in that range of $3,000 to $6,000 until something massively is done.
“I know that sounds like a big range for it to sit in but on a day to day basis it can move 20 percent or so.”
Mr Leach said a £4,700 ($6,000) rally could be fuelled by a dose of “massively positive” news in the media shining a limelight on the space.
In his opinion, however, the more negative trend of coverage will keep prices down in the coming weeks.
Last year’s end of the year rally saw bitcoin spiral out of control as prices shot to record highs of around £15,672.80 ($20,000) per token from just £6,269.12 ($8,000).
The brief crypto craze was followed by a spectacular crash over the space of one day, with some crypto trackers noting £3,134.56 ($4,000) drops in value.
After starting out 2017 by hovering around the £783.64 ($1,000) price point, the cryptocurrency entered February 2018 below £6,269.12 ($8,000).
Mr Leach said: “It looks like this year we’ve basically haven’t had a rally but we’ve has that sell-off of pretty much half of its value, going from $6,500 to around $3,700.
“It’s just a matter of question of wondering whether or not we’re going to go back to the upside but in my opinion, I think a lot of the sell-off has been due to the fact the ICE postponed the bitcoin futures launch.
“It’s been pretty much postponed now to January, so I think over the next couple of weeks we’re going to see some sort of choppy experience between where we are now and probably the $6,000 mark.”
Bitcoin Market Price Chart in RealTime