Michael Moro, the Chief Executive Officer at Genesis Trading made his bitcoin prediction earlier today that the currency does not hold any support below the $4000 mark until $3000. So once the $4000 support level is broken, bitcoin fall massively towards $3000 which is being called as the bottom. After this range, the price is expected to start rising again.
Bitcoin’s Drop History
Micheal also stated about the ten-year history of bitcoin and how bitcoin has even tackled more massive downfalls that the current one. Bitcoin has experienced massive downfalls five times in the past 10 years out of which the current one is the smallest of all. According to Michael, the investors through know this feature of the bitcoin market do not care about the current situation as they are interested in price movements over three to five years.
$3000 support level
Under the current selling pressure, the bitcoin market does not seem to have many buyers below the $4000 range until $3000. So the next support is being predicted at $3000.
People are talking about the current bitcoin volumes falling more than 60% since the 2017 end, but no one is talking about the volumes are still multiple times higher than the 2017 start or times before that. True crypto enthusiasts know the real value of bitcoin and don’t seem to be bothered by market attacks. Analysts are also making bitcoin prediction of $15000 in the near future once the current bear pressure is tackled.
Tim Draper’s Long-Term Bitcoin Prediction
Tim Draper, a well-known name in the cryptocurrency space has predicted that the price of bitcoin will reach $250,000 in the next 4 years. Draper also said that companies such as Coinbase should not get public as in future these will be trillion dollar companies such as Apple and Google.
What is your bitcoin prediction for this year? Tell us in the comments section below.