Bitcoin has had a very turbulent season which has seen it struggle to thrust past the $5000 support level without much success. Over the past seven days, the leading crypto asset has struggled to sustain above the $4000 support level in a trend that saw its price dip to as low as $4, 035 before picking momentum, temporarily souring up to the $4560 mark before a slow but gradual dip that has since persisted.
Is $3000 the next support level for bitcoin?
Genesis Trading CEO Michael Moro predicts that the price of bitcoin will eventually settle at the critical $3,000 support level given the increased market volatility and the liquidating effect of the pre-2017 bitcoin holders both of which have a negative effect on the asset’s price.
When reached for comments about his prediction, this is what he had to say:
“It’s really difficult. There are small levels of resistance, and we’ve seen the $4,000 level get tested twice now in the last couple of days, but I really don’t think there is too much in the mid $3,000s, so you won’t find much until you hit the 3k flat level.”
While attributing the price fall to the increased sells of bitcoin especially from the pre-2017 investors who have now flocked the market to claim their gains, Moro was quick to note that ‘this’ will definitely NOT be the terminal burst of the Bitcoin bubble.
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