The cryptocurrency markets have had a turbulent past couple of weeks, and many cryptocurrencies are now trading down 90% or more from their all-time-high prices, which were reached in late December of 2017 and early January of 2018.

At the time of writing, Bitcoin (BTC) is trading down nearly 5% at its current price of $4,290 but has held above the ever-so-important $4,000 level, which is the first major support level stopping BTC from falling into the mid-to-low $3,000 region.

One prominent industry analyst believes that Bitcoin’s failure to bounce at its current levels signals that it may not have found a bottom, which could mean that lower lows are in play.

While speaking to MarketWatch, Naeem Aslam, the chief market analyst at Think Markets U.K., explained that the next levels to watch for are $3,800 and $3,500.

“Bitcoin is likely to move even lower after a failed attempt to break above the $4,700 level. The regulatory environment is suffocating the bulls and the bears are going wild. It is likely that the price may touch the level of $3,800 or even $3,500 if the current momentum continues,” he explained.

Bitcoin Cash Falls to All-Time Low, Altcoins Continue Dropping

Bitcoin’s weakness has led to a general market bloodbath that has sent many altcoins spiraling downwards, with Bitcoin Cash (BCH) setting new all-time-lows, and Ethereum (ETH) plunging to prices not seen since May of 2017.

Bitcoin Cash is currently trading down 6% at its current price of $206, which is slightly lower than its previous all-time-low of $208 that was set shortly after its launch in August of 2017. Bitcoin Cash has been crashing ever since its hard fork event, which occurred on November 15th, with its price falling from monthly highs of $630 to its current levels.

Ethereum has been greatly affected by the latest drop, which has possibly been perpetuated by ICO projects selling off their ETH holdings in an effort to preserve their funding. Aslam explained this, adding that Ethereum could fall below $100 in a worst-case scenario.

“The most worrying aspect is that Ethereum could fall below the 100-mark and the honest truth behind that is because a large number of bogus coins have been flushed out of the system and this has made Ethereum less valuable,” he said.

At the time of writing, XRP is sitting just above $0.40, which has thus far acted as support for the cryptocurrency. Despite the poor market conditions, XRP is still sitting significantly above its 2018 lows of approximately $0.24, which were reached earlier this year when Bitcoin fell to $5,800.

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