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.
Author: Author : Sam
Sam, has been contributing to cryptonewsbytes team since 2017. He is also a crypto-enthusiast and talented market analyst. In his free time, you will find him traveling and exploring new places.
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