In a recent interview on CNBC, where he frequently appears as an expert analyst, Grisanti revealed that he sees Bitcoin falling below $3,000, ultimately driving more investors to close their long positions.
Grisanti points to the fact that investors are liquidating their positions at every small bull-run as an indicator that the bear market is far from over.
“Whether or not they’re liquidating outright or the futures, they are liquidating. So I’m looking to sell this. At $3,800 is where I want to sell it. There’s some resistance around $4,000, $4,100,” Grisanti added.
Bitcoin struggled to finish out the week, dropping below the $4,000 level to $3,663, where it is currently trading. Bitcoin is now down over 5.8% on the week but is still up 5% over the last 30 days.
This isn’t the first analyst to predict that Bitcoin is destined to fall below $3,000. Veteran technical trader Peter Brandt thinks Bitcoin will test the $3,000 psychological level and head toward $1,200 by the end of Q1 2019. More recently, Anthony Pompliano, a partner at Morgan Creek Digital Assets, revealed that he sees Bitcoin dropping below $3,000 in the near-term as the bubble retrace continues.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.