“We think the bearish market is going to be lasting for more than 200 days for cryptocurrency other than bitcoin,” Kira Sun explains.

Bitcoin price heads for the support at $6,350 while $6,300 is beckoning.

We are only three months away from the end of 2018. The year has seen the market deflate in large volumes while the total market capitalization has lost over $640 billion according to a recent post by Bloomberg. The bear trend has resulted in Bitcoin shedding the majority of its value since the all-time high in December 2017. Significantly, over 70% of the altcoins in the market have lost more than 80% of their market value since January 2018. Several experts have predicted that Bitcoin will rally higher towards then end of 2018 with the altcoins following closely. While there has been a slight bullish trend in September, it is not overwhelming enough for gains towards $8,000 let alone $10,000.

Meanwhile, BlockVC, an investment management firm based in China manager Kira Sun appeared on CNBCs Cryptotrader segment where he made quite a strong prediction regarding the cryptocurrency market status. The discussion was titled “The Future of Utility Token,” and Sun said that he is confident that Bitcoin bear market has a much-awaited end. However, he went ahead to say that altcoins are likely to wait a while longer before they stop deflating.

“I think it depends on how you understand the market structure. We think for Bitcoin itself it has reached a bottom, but for the other cryptocurrencies, it’s far from the end. We think the bearish market is going to be lasting for more than 200 days for cryptocurrency other than bitcoin.”

Bitcoin price technical picture

Contrary to the above statement, Bitcoin has taken a dive from $6,800 and broken the support at $6,400. At the moment the bulls are battling to defend the support at $6,380. However, the trend is strongly bearish and the bears have the say. BTC/USD has traded lows of $6,363.73 on Tuesday. The next support target at $6,350 will determine if Bitcoin breaks down further to $6,300 or finds a bearing for a pullback above $6,400.

Read more on the latest Bitcoin analysis here.

BTC/USD hourly chart

