Bitcoin

Bitcoin (BTC) Will Fall Below $3,000 According To Cryptocurrency Trader Anthony Grisanti

The price of Bitcoin (BTC) has been falling significantly for the past 12 months since it reached its all-time-high in January 2018. Many investors have called for a bottom to end the bear market. Even if BTC has fallen as low as $3150, it hasn’t dropped below the $3000 level. This is why some experts believe that $3000 is Bitcoin’s bottom and reaching this level will mark the end of the extended bear market. However, there are some who see Bitcoin falling below the $3000 level.

Futures Trader Anthony Grisanti Says Bitcoin Will Fall Below $3000

A popular futures trader and analyst, Anthony Grisanti has said that the price of Bitcoin will fall below the $3000 level. In his words:“I am predicting a move below $3000. This move will represent weakness in the cryptocurrency market. It may be the catalyst that finally gets people to give up on the industry and run away for good. This will push the price even lower.”

Grisanti’s prediction isn’t a surprise because he has always been a Bitcoin bear. The CNBC analyst once traded energy futures at Bear Stearns. He believes that Bitcoin and the entire cryptocurrency market is going to fall in time. He said that the recent decline in the market was ignited by a sell-off. He believes people are liquidating their positions as the market runs. Some are liquidating outright while others are liquidating their futures.

Anthony Grisanti isn’t the only CNBC staff who believes that BTC is collapsing. Scott Nations, another CNBC commentator said that Bitcoin is dying. According to him, BTC has no value and he would want to be short. He also said that the millennials in the cryptocurrency world do not understand that the market is a bubble. In his words:

“Bitcoin has no value, I would be short on Bitcoin if I could. If you’re still in your 20s, then you’ve never experienced an asset bubble. You must have been a teenager during the housing bubble and must have been young during the dotcom bubble. Well, baby, this is a cryptocurrency bubble and it will soon burst.”

People Are Losing Interest In Bitcoin
Futures Investors had interest in Bitcoin futures because it was the safe option for those who wanted a more secure way to invest in BTC. Futures contract was the solution to the problems caused by price volatility. However, Scott and Grisanti believe that the interest investors have in bitcoin futures is decreasing because of the price decline in the market.

In the first quarter of 2019, the second largest stock exchange in the world, Nasdaq, is going to launch its Bitcoin futures platform in collaboration with VanEck. Intercontinental Exchange, a rival exchange, is also making plans to launch a physically-settled product for Bitcoin futures in Q1, 2019. How investors react to these upcoming product launches is going to go a long way to determine the short-term survival of the market.

Bitcoin (BTC) Price Analysis

At the time of writing, BTC was trading at $3,677.19. This shows that it is up by 0.06% against the USD with a trading volume of $5,241,932,484 and a market capitalization of $64,267,402,061. The next few days of trading will determine if the price action will change.