The head of the two popular trading platform of cryptocurrencies Michael Moro has predicted that the price of the various cryptocurrencies would remain on a free flow until the price of the bitcoin reaches the $3000 mark. Michael Moro is the CEO of Genesis Trading and Genesis Capital Trading. He said this while he was being interviewed by the CNBC on the 23rd of November.
The CEO suggested that bitcoin which is obviously the most popular cryptocurrency in the world would continue its slump until it loses over 30% of its market value. This would see the cryptocurrency left at the price of $3000
Speaking further, the CEO asserted though there would be resistance levels throughout the slump. However, he is of the opinion that none of these would be able to prevent the slump which is to take place sooner or later. He asserted that the only way to stop the slump is when the bitcoin hits the $3000 saying that the mid-3s would not be sufficient enough to stop the slumps. His belief is based on the fact that the $4000 mark was already being tested and had been tested twice already during the past 7 days.
THE BITCOIN IS EXPECTED TO KEEP DROPPING UNTIL IT REACHES $3,000 AS PRICES KEEP ON SLUMPING.
He, however, believes that most of the investors in the cryptocurrency world would play a waiting game due to the firm belief that the prices of bitcoin and other altcoins would definitely improve in the coming weeks. However, despite the firm belief in the price rising significantly, Moro has advised that the investors refrain from buying more cryptocurrency during this period. In addition to this, he also speculates that the hash rate would also fall. In other words, he believes that the effort needed to mine a single Bitcoin would fall significantly.
However, this new slump would also mean that the profitability of the mining business would also reduce. This has impacted on the Chinese business as they have been forced to move and sell their devices which are used for their different mining processes.
These devices are said to be sold at very low prices due to the price slump with some being sold as low as 5% of their original value. It remains to be seen just how bad the drop would be. It is believed that the slump is far from over as the bitcoin keeps dropping steadily.
Want to see more video’s? Visit our Bitcoin videos page.