Michael Moro, the CEO of Genesis Trading is in today’s cryptocurrency news for his prediction that bitcoin will likely bottom out at $3,000 after a whole week of declining and reaching $4,350. Moro thinks that the $4,000 support level is highly unlikely to last much longer as the selling pressure will continue to bring the price down.
Moro stated that the current situation is not working in favor of the day traders and investors that want to earn some quick money. However, he noted that the number one cryptocurrency has already experienced about 80 percent declines which are spread out in five occasions and this is yet the smallest one in the ten-year history of its existence.
He believes that institutional investors that want to buy bitcoin and are sure of it; don’t really consider this drop a serious problem. They are looking at a long-term investment that will fluctuate over the course of 3-5 years. Also, the cost of mining 1 BTC will drop as soon as the network’s hash rate drops as well. The biggest miners are still willing to continue mining at a loss.
When he was asked what he thinks the price floor prediction will get 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.”
While trying to explain why Bitcoin is under a huge selling pressure, Moro noted that investor who got in the market before the bull run, liquidated their holdings so they can cut their losses, but the older investors have also started to liquidate and take their gains.
However, according to Moro, this isn’t a terminal drop for Bitcoin.
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“Out of the rubble, bitcoin has popped back up. It would take something like that to shatter this newfound confidence.”Since the start of 2019, Bitcoin increased by 65 percent and still continues to recover from the harsh bear market. Most of the gains happened between April and May 2019 when the largest cryptocurrency increased by 50 percent. According to the Bitcoin Bull, BTC going strong and it would take a serious event to crush its recent surge. Following the latest cryptocurrency news, the bitcoin price was not affected by the recent happenings. The Galaxy Digital CEO is not the only one that is bullish about bitcoin. Multiple analysts have been rooting for a bitcoin bull run. Experts notice the improved technical fundamentals of the currency and claim an impending price surge. Another popular bitcoin trader Peter Brandt who predicted the 80 percent crash in 2018, predicted that BTC is setting up for another massive growth similar to the one in 2017. Other enthusiasts say that the surge in interest for bitcoin will lead to another bullish cycle as well. Sources from Fidelity Investments say that the company will debut Bitcoin trading to institutional clients and this is another key indicator that the interest for bitcoin is growing. Fidelity could also be joining BTC trading providers such as TD Ameritrade and E-Trade. Bakkt is also working hard to get approval from the U.S Commodity Futures Trading Commission.
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“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.’’The analysis that Woo conducted can be attributed to his calculation of fundamental factors but also the technical factors in order to better evaluate the market. He later said that Bitcoin will likely hit a new bottom at $3,150 because of the Bitcoin Network Momentum and the technical indicators at that time as it was reported in the latest cryptocurrency news. In the next couple of weeks, the analysts believe that Bitcoin will undergo a consolidation period and will stabilize. Some traders are waiting to see whether the dominant cryptocurrency will retest some of the supporting levels below $5,000. The increase in interest in bitcoin which led to the new 2019 high, comes after Bloomberg reported that Fidelity will launch a crypto trading service soon.
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