{"id":367994,"date":"2019-01-12T22:00:02","date_gmt":"2019-01-12T22:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=367994"},"modified":"2024-06-11T07:43:08","modified_gmt":"2024-06-11T07:43:08","slug":"prominent-trader-expects-bitcoin-to-plunge-below-3000-as-crypto-bear-market-persists","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/prominent-trader-expects-bitcoin-to-plunge-below-3000-as-crypto-bear-market-persists\/","title":{"rendered":"Prominent Trader Expects Bitcoin to Plunge Below $3,000 as Crypto Bear Market Persists"},"content":{"rendered":"

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.<\/p>\n

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

Resistance Around $4,000 Will Lead Bitcoin to Drop Further<\/strong><\/h2>\n

In a recent interview with CNBC<\/a>, 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.<\/p>\n

\u201cI\u2019m looking for a move down to $3,000, which would represent a real weakness in this market\u2026 It could be the driver that gets people to bail out of this and push it even lower,\u201d Grisanti explained.<\/p><\/blockquote>\n

He further explained that the volatility Bitcoin<\/a> 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.<\/p>\n

\u201cEvery time this market does run, people are liquidating their positions\u2026 Whether or not they\u2019re liquidating outright or the futures, they are liquidating. So I\u2019m looking to sell this. At $3,800 is where I want to sell it. There\u2019s some resistance around $4,000, $4,100,\u201d he said.<\/p><\/blockquote>\n

Other Analysts Believe Bitcoin Has Support Around $3,000<\/strong><\/h2>\n

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<\/a> around this price level.<\/p>\n

While speaking about the large range that Bitcoin is currently caught in, Mati Greenspan, the senior market analyst at eToro, said that<\/a>\u00a0the crypto will likely trade between $3,000 and $5,000, with support existing at the former price, and resistance at the latter price.<\/p>\n

\u201cIf we zoom out, and as we\u2019ve been discussing for a few weeks now, we can see that the overall range that we\u2019re in is from $3,000 to $5,000 per coin\u2026 So we\u2019re now at the halfway mark in the middle of the broader range,\u201d\u00a0Greenspan explained.<\/p><\/blockquote>\n

Vinny Lingham, the CEO of Civic, echoed Greenspan\u2019s sentiment regarding Bitcoin\u2019s current range during a recent interview with Cheddar<\/a>.<\/p>\n

\u201cThe reality is it\u2019ll probably trade sideways between $3,000 and $5,000 for another month or two while it\u2019s trying to find which way to go\u2026 When it finds that direction, there\u2019ll be a breakout or a breakdown,\u201d he said.<\/p><\/blockquote>\n

Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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. \u201cI\u2019m looking for a move down to $3,000, which would represent a real weakness in this market\u2026 It could be the driver that gets people to bail out of this and push it even lower,\u201d 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. \u201cEvery time this market does run, people are liquidating their positions\u2026 Whether or not they\u2019re liquidating outright or the futures, they are liquidating. So I\u2019m looking to sell this. At $3,800 is where I want to sell it. There\u2019s some resistance around $4,000, $4,100,\u201d 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 that\u00a0the crypto will likely trade between $3,000 and $5,000, with support existing at the former price, and resistance at the latter price. \u201cIf we zoom out, and as we\u2019ve been discussing for a few weeks now, we can see that the overall range that we\u2019re in is from $3,000 to $5,000 per coin\u2026 So we\u2019re now at the halfway mark in the middle of the broader range,\u201d\u00a0Greenspan explained. Vinny Lingham, the CEO of Civic, echoed Greenspan\u2019s sentiment regarding Bitcoin\u2019s current range during a recent interview with Cheddar. \u201cThe reality is it\u2019ll probably trade sideways between $3,000 and $5,000 for another month or two while it\u2019s trying to find which way to go\u2026 When it finds that direction, there\u2019ll be a breakout or a breakdown,\u201d he said. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":367998,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,2896],"class_list":["post-367994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-markets"],"acf":[],"yoast_head":"\nProminent Trader Expects Bitcoin to Plunge Below $3,000 as Crypto Bear Market Persists<\/title>\n<meta name=\"description\" content=\"One prominent trader is now predicting that Bitcoin will drop below $3,000 in the near future as the markets continue expressing weakness.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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