2018-11-26 06:52 |
Genesis CEO Predicts Bitcoin Will Reach $3,000 Before Bottoming Out, In CNBC Interview
Michael Moro is famous for his work as the CEO of Genesis Capital Trading and Genesis Trading. Recently, he sat down with CNBC’s “Squawk Box” to discuss the cryptocurrency. Perhaps one of the boldest statement Moro made was the prediction that Bitcoin will reach the bottom of its downward trend at the $3,000 price mark.
By reaching this level, Bitcoin would need to endure a loss of 30%. Moro commented,
“You really won’t find the floor until you kind of hit the 3K-flat level.” He spoke about the smaller resistance levels, adding how the $4,000 level has been tested twice over the last few days.”
The investors that have been with the cryptocurrency industry longer will be the ones that are able to survive this drop the most easily. However, Moro urged watchers to avoid purchasing crypto during this dip in price, saying,
“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.”
Moro noted that the low price could mean that miners won’t have to pay as much to perform their work because “the hash rate has dropped.” Unfortunately, the low price of Bitcoin lately has been also been making it hard to profit with mining, bringing down the revenue for manufacturers of mining devices as well, with some companies losing money. Mining machines have even dropped so low that second-hand markets are able to list them for a 95% markdown.
Still, Bitcoin is continuing to fall with the rest of the market right now, which is attributed to many factors. CoinTelegraph, along with many others, believe that Bitcoin Cash’s hard fork on November 15th had a lot to do with the problems. Presently, as of November 24th at 3:15pm PST, Bitcoin is listed at $3,846.83, having lost 11.41% of their market cap in the last 24 hours.
Lou Kerner, a partner for CryptoOracle, spoke about the slump this week, comparing it to the dotcom-era burst that happened nearly two decades ago. Kerner also compared the strong coins that manage to rise from the ashes to be like the big companies that survived the dotcom bubble, like Amazon.
Kerner took his comments a step further to discuss Bitcoin’s long-term value, even adding that it could surpass gold eventually after calling it “the greatest store of value ever created.” When he discussed the slump of the market, Kerner said,
“Crypto has been so weak because for most of it there is no underlying value outside of confidence.”
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