This week bitcoin has gone through the biggest turmoil this year, losing 16% of its value just in one day and over 70% of its value within this year. However, this is not the end, believes Genesis Trading & Genesis Capital Trading chief Michael Moro. In a recent interview, the crypto-trader said the most valuable cyber-coin is yet to lose another 30% before it sees the bottom.
This Is Not The End
Crypto-trader Moro gave an interview to CNBC’s program in which he said that bitcoin will reach the bottom of $3,000 after it loses the other 30% of its value. As of writing, the «big daddy» is traded at the margin of $4,337, which is 0.14% less than the day before. On November 19 — November 20 bitcoin’s huge slump started as it went down from around $5,500 to $4,380 within, hitting the anti-record of $4,282 on the same day.
“You really won’t find [the floor] until you kind of hit the 3K-flat level,” said Michael Moro.
On November 23 bitcoin over-performed itself in negative terms reaching the bottom of $4,195, as per coinmarketcap.com data. The coin went 40% down, continuing the downward trend of last year December when BTC-based futures started being traded on CME. Since the start of the year bitcoin lost 75% of its value.
The crypto-trader suggested not to pile into the falling bitcoin. Nevertheless, he underscored, institutional investors are better versed for dealing with BTC’s dip, so they are more likely to «hodl» and wait for the price to recover.
In particular, Moro said:
“This is about the fifth or sixth 75 percent-plus drawdown that we’ve seen in the 10-year history of bitcoin. […] And so if you have that [long-term] lens, I don’t believe institutional investors really ultimately care where the price of bitcoin ends in 2018 simply because they’re looking at things three to five years out.”
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