Prominent Trader Expects Bitcoin to Plunge Below $3,000 as Crypto Bear Market Persists

It has become increasingly apparent to crypto and Bitcoin investors alike that the 2018 bear market will persist throughout 2019, despite most investors previously thinking that the markets would start afresh in the new year.

One prominent trader is now predicting that Bitcoin will drop below $3,000 in the near future as the markets continue expressing weakness.

Resistance Around $4,000 Will Lead Bitcoin to Drop Further

In a recent interview with CNBC, Anthony Grisanti, a prominent futures trader, explained that the price drop that he sees as being imminent will be fueled by traders liquidating their positions as Bitcoin fails to break above its resistance levels that exist around $4,000.

Im looking for a move down to $3,000, which would represent a real weakness in this market It could be the driver that gets people to bail out of this and push it even lower, Grisanti explained.

He further explained that the volatility Bitcoin and the general crypto markets have seen over the past week is directly connected to traders liquidating their positions every time the price starts running, which leads to choppy trading.

Every time this market does run, people are liquidating their positions Whether or not theyre liquidating outright or the futures, they are liquidating. So Im looking to sell this. At $3,800 is where I want to sell it. Theres some resistance around $4,000, $4,100, he said.

Other Analysts Believe Bitcoin Has Support Around $3,000

Although Grisanti believes that Bitcoin will fall below $3,000 in the near future, most analysts think that there will be a significant amount of buying pressure around this price level.

While speaking about the large range that Bitcoin is currently caught in, Mati Greenspan, the senior market analyst at eToro, said thatthe crypto will likely trade between $3,000 and $5,000, with support existing at the former price, and resistance at the latter price.

If we zoom out, and as weve been discussing for a few weeks now, we can see that the overall range that were in is from $3,000 to $5,000 per coin So were now at the halfway mark in the middle of the broader range,Greenspan explained.

Vinny Lingham, the CEO of Civic, echoed Greenspans sentiment regarding Bitcoins current range during a recent interview with Cheddar.

The reality is itll probably trade sideways between $3,000 and $5,000 for another month or two while its trying to find which way to go When it finds that direction, therell be a breakout or a breakdown, he said.

Featured image from Shutterstock.

The post Prominent Trader Expects Bitcoin to Plunge Below $3,000 as Crypto Bear Market Persists appeared first on NewsBTC.

12.01.2019 / 14:05 28
Bitcoin and Crypto Markets Form Fresh Trading Ranges Following Recent Plunge Bitcoin and Crypto Markets Form Fresh
Following the cryptocurrency markets recent plunge that occurred when Bitcoin failed to stabilize above the $4,000 price level, the crypto markets
Bitcoin Price Will Tank Below $3,000, Says Trader Who Predicts Mass Sell-Off Bitcoin Price Will Tank Below $3,000,
The bitcoin price will crater below $3,000 amid a mass sell-off. Thatís what futures trader†Anthony Grisanti predicts about the ongoing Crypto
Bitcoin Plunges Amidst Overall Crypto Market Downturn Bitcoin Plunges Amidst Overall Crypto
Following the crypto markets recent stability, Bitcoin has now led the markets down and has erased all the gains it incurred this past weekend.
Bitcoin Holds Above $4,000 As Upwards Momentum Stalls Bitcoin Holds Above $4,000 As Upwards
Bitcoin has been able to hold above $4,000 following its recent upwards swing that sent it up nearly 30% from its recently established 2018 lows.
CNBC Analyst Predicts Bitcoin Bounce Back Based Purely on Market Tacticals CNBC Analyst Predicts Bitcoin Bounce
CNBC Futures Now trader Jim Iurio has predicted that bitcoin will trade above $6,800 based on market analysis that holds $6,000 as its critical
No Evidence Whales are Manipulating Bitcoin Price: Prominent Trader No Evidence Whales are Manipulating
Peter Brandt, a prominent trader and respected technical analyst, believes there is no solid evidence to back up claims that whales and large-scale
Comments (0)
Add a comment
Comment on