ONChain Capital’s Ran Neu Ner talked with CNBC’s Melissa Lee on Thursday about his latest bitcoin price prediction: $5,350 in the current bear market.

His bitcoin prediction comes after he predicted today’s price of bitcoin would drop below $6,000 – it was trading at $5,956 on Thursday at 7 pm Eastern time.

“Unfortunately the same model that told us we were going to $5,900 is telling us that there is more blood to come,” Neu Ner said. “It’s calling a 62% chance of a bear market and a bear market means we are going to test $5,350 as the next point – there’s a 62% chance of that.”

He said his $5,350 prediction would likely occur within the next two weeks, adding there’s only about a 16% chance of a bull market ahead in the short-term.

“But to confirm a bull market, we’re going to need to test $7,400 with high volume,” Neu Ner said. “So right now my money is on the market to go down.”

Watch the full CNBC bitcoin price prediction segment below:

For more news and strategy on bitcoin, visit our cryptocurrency category.

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