Genesis Trading CEO: Bitcoin Will Bottom Out At $3,000

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 ,000 support level is highly unlikely to last much longer as the selling pressure will continue to bring the price down.
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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.