The head Genesis and Genesis Trading Capital Trading Michael Moreau (Michael Moro) thinks that bitcoin may find its low at around $3000. He stated this in the program Squawk on the Street on CNBC this Friday.
“It is unlikely that we will see a bottom until the price reaches $3,000”, – said the expert.
At the beginning of 2018, the bitcoin was trading at around $17 000. On Friday, the price dipped to $4400, continuing the decline that began on 14 November, by 75% from the January level.
As of today, the price of bitcoin fell by 78% from the level at the beginning of the year. At the time of writing the news the average rate of the cryptocurrency, according to CoinMarketCap, was $3714.
While Moreau noted that institutional investors don’t care what mark the price of bitcoin will complete in 2018, as they focus on the long term – 3-5 years.
“This is about the fifth or sixth fall by 75+ %, which we observed over a 10-year history of bitcoin. So, if you look in the long term, I do not believe that institutional investors are really worried about where price will be by the end of 2018 – just because they look 3-5 years ahead,” concluded the expert.
We will remind, earlier this week, financial analyst and co-founder of Fundstrat Global Advisors Tom Lee (Tom Lee) said that it is still sticking with his forecast of $15 000 per bitcoin by the end of 2018, despite what is happening in the market.
And according to the commercial Director payment service BitPay Sonny Singh (Sonny Singh), by the end of 2019 the price of bitcoin will reach $15-20 thousand.
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