Michael Moro, the CEO of Genesis Trading, believes that Bitcoin could reach a bottom close to $3,000 dollars. The prediction he makes comes at a moment in which Bitcoin is being traded close to year lows after falling under $4,000 dollars. Bitcoin (BTC) lost 17% in the last 24 hours and hit $3,600 dollars. He said this during a conversation with CNBC a few days ago.
Bitcoin Could Reach a Bottom Close to $3k
2018 was a very hard year for Bitcoin enthusiasts and for the crypto market. Bitcoin and other virtual currencies lost between 50% and more than 95% of their price during this year. However, it seems that Bitcoin could keep falling according to the prediction of several analysts in the market.
Michael Moro explained that there is a large number of investors that bought Bitcoin when it was under $4,000 dollars. These investors are currently liquidating their possessions to avoid losing their initial investment.
At the same time, he mentioned that Bitcoin experienced 75% drops in its history several times. Of the last five corrections that took place on Bitcoin’s history, 80% retracement was one of the lowest. Although history might not repeat itself, this suggests that Bitcoin could continue to fall in the coming weeks.
Moro has also talked about Bitcoin and institutional investors. According to him, institutions do not care where Bitcoin will end 2018 because they are thinking about a longer time frame for their BTC investment.
About Bitcoin’s future price, he said:
“It’s really difficult. There are small levels of resistance, and we’ve seen the 4000 level get tested twice now in the last couple days, but I really don’t think there’s too much in the mid 3000s, so you won’t find much until you hit the 3k flat level.”
He went on saying that older investors, those who invested before 2017, decided to sell their virtual currencies. Bitcoin experienced a massive bull run during 2017 that drove Bitcoin prices up to $20,000 dollars.
Additionally, he stated that Bitcoin’s trading volumes are much higher than at the beginning of 2017. This means that the popular virtual currency is not extinguishing by any means. Taking a look at the longer time frame, it is possible to see a genuine growth.
At the time of writing, Bitcoin is being traded close to $3,826 dollars. It also has a market capitalization of $66.55 billion dollars. Most of the digital assets in the market are registering loses in the last 24 hours.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
