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Cryptogeddon: Bitcoin Battered Below $4000 As Long Liquidations Continue
• https://www.zerohedge.com, Tyler DurdenBut, as CoinTelegraph reports, Michael Moro, the CEO of cryptocurrency trading companies Genesis Trading and Genesis Capital Trading, said that the Bitcoin (BTC) price could bottom at $3,000 in an interview with CNBC Nov. 23.
Speaking on CNBC's "Squawk Box," Moro suggested that the leading cryptocurrency will lose another 30 percent before bottoming at $3,000. Moro said, "You really won't find [the floor] until you kind of hit the 3K-flat level."
Moro addressed small resistance levels, saying that he does not think the BTC price can stabilize in "the mid-3s," also noting that the $4,000 level was tested twice in the previous days.
The crypto trader said that long-term investors are more poised to handle BTC's slump and wait until the price rebounds, while at the same time advising not to buy the cryptocurrency at the dip:
"This is about the fifth or sixth 75 percent-plus drawdown that we've seen in the 10-year history of Bitcoin.