Genesis Trading CEO, Michael Moro, believes that Bitcoin price could go down further to US$3,000-level. The prediction comes at a time when the BTC/USD price is trading below the US$4,000-level. At press time, Bitcoin price against the US Dollar is trading at US$3756.5.
Is US$3,000 Going to the Next Bitcoin Price Target?
2018 was a tough year for the Bitcoin enthusiasts. Whether it is Bitcoin or other cryptocurrencies, their price dropped by 50-95% this year. However, the most important development currently is the fact that BTC/USD may keep falling down.
While predicting a BTC’s price fall close to US$3,000, Michael Moro said that there are many investors who entered the BTC market when the Bitcoin price was below the US$4,000. Currently, they are offloading the Bitcoin they were holding so that they don’t lose their initial investment.
He also pointed out the fact that over 75% drop in price is not uncommon for Bitcoin. In the past, 5 major price corrections have taken place in the BTC’s history and 80% retracement was one of the lowest. Keeping the historical perspective in mind, it can be easily said that BTC-USD pair will continue falling in the coming weeks.
What’ll happen to Bitcoin in the Future?
CEO of Civic, Vinny Lingham, has said in an interview that for several months now the Bitcoin price will remain range bound. While explaining further, Vinny said that the price will remain within the US$3,000-5,000 range for 3-to-6 months.
Though he said that the falling momentum may even break the US$3,000 support, he emphasized the fact that the US$3000 support level is strong and many buyers will flock at that level to purchase. Lingham cautioned the traders from buying at the current level because it’s too risky currently. He said, “There will be better opportunities later on.”
Photo Credit: pixabay.com