On Friday, chief of Genesis Trading & Genesis Capital Trading Michael Moro shared with CNBC that the crypto market is likely to keep descending until Bitcoin, the leader of other digital coins, hits the bottom at $3,000.
The interview took place on the “Squawk on the Street” show, and the prominent trader spoke about Bitcoin prospects, mentioning the potential moves of the crypto market.
Big investors do not care
Moro believes that Bitcoin will go further down after it tested the $4,000 level two times. He is inclined to think that the bottom lies in the $3,000 area.
On Friday, there was a moment when BTC rolled down 40 points, keeping up the downward trend that began after the launch of BTC futures on CME in December 2017. Since then, the top digital coin has lost around 75 percent, currently trading at $4,284.
Moro said he does not recommend buying Bitcoin at this minimum, however, meaning that perhaps the market should not expect a fast ride north.
As for institutional investors, he reckons that they have more patience and resources to wait for a long time — three to five years — for Bitcoin to rise and give them enough returns on their investments.
This well explains why big investment gurus, like Tim Draper and Mike Novogratz, are being so optimistic about the future of Bitcoin.
The Crypto Cartel is making a move
Earlier today, U.Today reported about one of the possible reasons for the current bearish ride happening in the crypto market. The theory that explains the current sellers’ domination by actions of the so-called Crypto Cartel, whose members from time to time begin suppressing the rate of BTC.
Allegedly, they have been doing it since December 2017, that is, when CME and CBOE launched futures on Bitcoin, giving the first tool for institutional investors to start putting their funds in crypto.