In a conversation with CNBC, Michael Moro, CEO of trading firms Genesis Trading and Genesis Capital Trading, explained that he expects to see a continued downward trend, 'until you kind of hit the 3K-flat level'.
'You really won’t find support until you kind of hit the 3K-flat level', Moro said.
'We've seen the 4,000 level get tested twice now in the last couple of days, but I really don't think there's too much in the mid-3s.'
According to Moro, investors are now ready to 'handle bitcoin's plunge', stating that taking the long view is now the only position to take.
He advised against buying the dip but said long-term investors are 'more equipped to wait for the price to rebound'.
'This is about the fifth or sixth 75 percent-plus drawdown that we've seen in the 10-year history of bitcoin', Moro said.
'And I don't believe institutional investors really ultimately care where the price of bitcoin ends in 2018 simply because they're looking at things three to five years out.'
Of course, we might want to remember the time where Moro predicted the BTC price to surge to $10,000, and that was just 3 months ago.
'If bitcoin can hold $7k for the next week or two', he said. 'Then it's a strong case that the bulls are back and we'll see $10k before we ever see $5k.'
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