Binance

Michael Moro, the CEO of Genesis Global Trading, an OTC digital currency trading firm, believes that Bitcoin’s (BTC) price decline is not yet over, setting a price floor of $3,000.

In a recent interview on CNBC, Moro revealed that he sees another 30% decline for Bitcoin, stating, “You really won’t find [the floor] until you kind of hit the 3k-flat level.”


From a technical perspective, Moro sees $4,000 as a critical support level that has been tested numerous times. Once broken, Moro believes it will be a swift move down to the $3,000 level.

However, similar to what Bitpay’s Sonny Singh told Bloomberg, Moro believes the cryptocurrency market is still in its infancy and sees that additional of institutional-grade platforms as a major upcoming catalyst.

“The Fidelity product hasn’t launched yet. The Bakkt platform, which was scheduled to be launched in December, has been pushed back for about a month,” said Moro. “So the announcements that have been made still haven’t hit the marketplaces, [as] investors haven’t been able to make use of the products.”

BTC via CoinCodex

BTC is currently trading for $ 4,366, giving the cryptocurrency a $75.9 billion market cap which is around 54% of the $140 billion crypto market.

More: Bitcoin won’t have bottomed until 3K flat level, says Genesis Trading’s Moro
Similar: BitPay CCO Thinks Institutions Can Drive Bitcoin to $20k in 2019

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.

Voyager

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