Michael Moro thinks Bitcoin will fall another 30% in the short term.
Michael Moro, the CEO of Genesis Global Trading, an OTC digital currency trading firm, believes that Bitcoin’s (BTC) price decline is not yet over, setting a price floor of $3,000.
In a recent interview on CNBC, Moro revealed that he sees another 30% decline for Bitcoin, stating, “You really won’t find [the floor] until you kind of hit the 3k-flat level.”
— Genesis Global Trading (@GenesisTrading) November 23, 2018
From a technical perspective, Moro sees $4,000 as a critical support level that has been tested numerous times. Once broken, Moro believes it will be a swift move down to the $3,000 level.
However, similar to what Bitpay’s Sonny Singh told Bloomberg, Moro believes the cryptocurrency market is still in its infancy and sees that additional of institutional-grade platforms as a major upcoming catalyst.
“The Fidelity product hasn’t launched yet. The Bakkt platform, which was scheduled to be launched in December, has been pushed back for about a month,” said Moro. “So the announcements that have been made still haven’t hit the marketplaces, [as] investors haven’t been able to make use of the products.”
BTC is currently trading for $ 4,366, giving the cryptocurrency a $75.9 billion market cap which is around 54% of the $140 billion crypto market.