The Chief Executive Officer at Genesis Trading, Michael Moro, made a prediction for the popular cryptocurrency Bitcoin earlier this. He predicted that the cryptocurrency has no support below the $4000 mark until $3000. Thus, once Bitcoin’s $4000 support level is broken, bitcoin will fall massively towards $3000 which is being called as the bottom. And, the price is expected to begin rising again after this range.
The History of Bitcoin Plunge
Moro also said about the 10-year-old history of bitcoin and how the most popular cryptocurrency have tackled more massive downfalls than the current one. Bitcoin has undergone massive downfalls five times in its ten years journey out of which the current one is the smallest of all. As indicated by Moro, the investors know this feature of the Bitcoin market don’t really care about the current situation since they are more interested in price movements over three to five years.
The Support Level at $3000
Under the existing selling pressure, the market of bitcoin doesn’t appear to have many buyers below the $4000 range until $3000. So the nest support level is being predicted at $3000.
A lot of people are talking about the existing bitcoin volumes that are falling more than 60% since the end of 2017, but no one is talking about the volumes which are still multiple times higher than the 2017 start or times before that. The cryptocurrency enthusiasts understand the real value of Bitcoin, and they don’t seem to be bothered by the market attacks. Also, the analysts are making bitcoin predictions of $15000 shortly once the current bear pressure is tackled.
The Long-Term Bitcoin Prediction by Tim Draper
A well-known name in the cryosphere, Tim Draper, predicted that the bitcoin price would reach $250,000 in the coming 4 years. Also, Draper said that the organizations like Coinbase need to get public as in future these will be trillion dollar companies such as Apple and Google.
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