— CNBC's Fast Money (@CNBCFastMoney) August 29, 2018
In an interview on CNBC’s Fast Money, Moro asserted that Bitcoin holding the $7,000 range over the coming weeks could indicate that the year lows have already been witnessed.
If the [$7,000] level holds, say for the next week, two weeks, the bulls will 100 percent be back. They will be more comfortable that the lows for the year are in, and that we are more likely to see $10,000, rather than $5,000.
Moro went on to further specify the exact level his firm is watching, emphasizing his belief that the price holding this level would help improve market sentiment.
I think the key level is $7,150, to be more exact, but if we can hold that next week, I do think we will see a sentiment turnaround in the market
However, since giving his assessment, BTC has dropped below $7,000. The larger market has also taken a hit, as the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is currently down 1.9% over the last 24 hours.
This doesn’t necessarily mean that Moro’s prediction is already toast, as he gave a fairly wide timeline for BTC to retake the $7,150 level over the next week.
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.