Crypto-Trader: Bitcoin Will Lose Another 30% Before Seeing the Bottom

Crypto-Trader: Bitcoin Will Lose Another 30% Before Seeing the Bottom

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.”

Image Source: Flickr

Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold...
Crypto-Supporter Milne Said Bitcoin’s Only Ledger to Last 100 Years
As bitcoin continues trading approximately Twitter thread entrepreneur Alistair Milne forecasted that the upcoming cyber money bull will decide which...
Increased Supply of Altcoins Will Depress Bitcoin, Says St. Louis Fed Report
As it is known, crypto-supporters (bitcoin bulls) widely believe that the increase in the capped supply of all cyber-coins will boost bitcoin’s value...
BTC Market Cap Will Surpass $7 Trillion Gold Cap, Say Winklevoss
Recently, Tyler and Cameron Winklevoss, world-known entrepreneurs and early supporters of cryptos, have taken part in Reddit’s traded at $4,061 and...
Crypto-Community Celebrates Bitcoin’s 10th Birthday
This year’s January 3 marks a decade since the first bitcoin block was generated by Satoshi Nakamoto. Back then, in 2009, this person (or group of...
Best Bitcoin Memes in 2018: ‘Hodling’ and Crying
2018 has not been an easy year for bitcoin, not at all. Whereas it left 2017 at the price of $10,000, it started the new year in a pretty bullish...
Bitcoin Hits $4,190 For The First Time Since Early December
For the first time in a fortnight, bitcoin has managed to creep above the $4,000-margin. As of writing, the king of all cryptos is traded at $4,031...
Bitcoin Surpasses $3,500 on the Anniversary of the $19,000 Record
Today, December 17 marks an anniversary since bitcoin hit the $19,000 high for the first time ever. Moreover, this day marks a petty recovery of the...