Despite losing over 30 percent in 10 days, Bitcoin (BTC) price hasn’t hit rock bottom yet, according to chief cryptocurrency trader. The entire market has seen nearly $700 billion wiped off the sheets.
No Bottom Yet
Speaking to CNBC’s Squawk on the Street on Friday, chief trader of Genesis Trading & Genesis Capital Trading Michael Moro, noted that Bitcoin has yet to reach its bottom.
He believes that the cryptocurrency won’t bottom out until it hits $3,000 because the levels of resistance along the way are small:
You really won’t find [the floor] until you kind of hit the 3K-flat level. […] It’s really difficult. There are small levels of resistance. We’ve seen the 4,000 level get tested twice now in the last couple of days, but I really don’t think there’s too much in the mid-3s.
At the same time, though, Moro is confident that long-term and institutional investors shouldn’t really be phased about the declining price as this is one of the few serious dropdowns in Bitcoin’s history.
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. – He said.
Tough Year Indeed
The overall cryptocurrency market cap is currently sitting at around $140 billion, which is roughly around $660 billion down since its all-time high value.
The market’s forerunner, Bitcoin, has seen sharp declines over the past 10 days, as it trades at $4,317.07 at the time of writing this according to data from CoinMarketCap.
Much has happened in the world of cryptocurrencies but the steep decline of late is mostly associated with the raging war on the Bitcoin Cash front. Industry experts hold that’s part of the reasons for the struggling market as both sides of the clash are dumping a lot of cryptocurrencies on the market for fiat in order to support their mining-at-loss operations.
What do you think of the state of the cryptocurrency market of late? Don’t hesitate to let us know in the comments below!
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