Genesis Trading’s Michael Moro Says $10,000 Bitcoin (BTC) Price Rally is Coming Soon
Michael Moro, CEO of Genesis Capital and Genesis Global Trading, said that Bitcoin may reach $10,000 dollars very soon. He commented about that during an interview at CNBC’s Fast Money on August 29.
— CNBC's Fast Money (@CNBCFastMoney) August 29, 2018
He mentioned that the most important news that the market received during the last weeks was the rejection of 9 different Bitcoin ETFs presented by three different firms. He then explained that exchanges experienced an increased interest for Bitcoin (BTC).
During the interview, He explained that the price of Bitcoin held when the information was released by the U.S. Securities and Exchange Commission. Additionally, the market did not see the sell-off that it usually saw in the past with similar situations.
‘The bears have realized they’ve run out of steam,’ he mentioned.
Furthermore, on the spot trading side, there were no sellers and the price was close to $6,000 dollars.
For him, the next stop in the market is $10,000 dollars. However, the move up to $10k would not be fast. Indeed, Bitcoin would experience a slow and steady grow.
About it he commented:
“What I also think is important is that I believe that the market now understands that the SEC’s ETF approval isn’t anytime soon.”
Although he has positive prospects for bitcoin and its future, he said that there is not a strong buy side at the moment. There was not a strong side demand in the market. He ended the interview saying that Bitcoin bulls should defend the $7k level ($7150). After it, in some weeks, the price could start to grow at faster rates.
At the moment, Bitcoin is being traded close to $7050 dollars, according to CoinMarketCap. In addition to it, Bitcoin has a market capitalization of $121 billion dollars.