Is the price of Bitcoin headed back to $10,000? One prominent trader thinks so — on one condition.
According to the CEO of cryptocurrency trading firm Genesis Trading and Genesis Capital, one bitcoin could soon be worth $10k — if the current price maintains a level around $7,150.
Not Working Out
At the time of this writing, Bitcoin is in danger of failing to maintain Moro’s required level. The first and foremost cryptocurrency is currently trading at $6992, after topping out around $7140.
Ain’t Afraid of No FUD
Nevertheless, Bitcoin has shown strength in the face of some recent bad news. The U.S. Securities and Exchange Commission (SEC) recently rejected nine applications to create what would be the first exchange-traded funds for the cryptocurrency market leader — citing concerns over illicit trading and market manipulation. (Shortly after, the SEC announced that it would review the decisions, but it is unlikely any will be reversed.)
Surprisingly, Bitcoin didn’t react negatively to the news.
Do you think Bitcoin will push towards $10k or is a decline in the cards? Let us know your thoughts on Moro’s analysis in the comments below! Disclaimer
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