One of the biggest firms in crypto says the Bitcoin bears are out of gas, with 10K on the horizon.
The CEO of Genesis Global Trading, Michael Moro, told CNBC’s Fast Money that the biggest factor is the market getting over the Bitcoin ETF hype.
“Once the news broke about the SEC rejection, the price actually held. We didn’t see the 5, 10, 15% sell-off that we’ve seen in previous rejections, and the technicals right around the $5,800- $5,900 levels held. I think the bears have realized that they’ve run out of steam.
…I believe the market now understands that the SEC’s ETF approval isn’t anytime soon. So I think the market sentiment regarding the product and the approval process is now far more muted, which I think is a healthier outlook for the next levels.”
According to Moro, the Bitcoin bulls will return in full force if the price of BTC can maintain $7,000 or more for the next week or two.
“So I think the question ultimately is: Is the market still going to head back down to the 6K level, simply because the bulls are still waiting to see – is the 7K really going to hold? And then see where we go from here.
If the 7K level holds say for the next week, next two weeks, the bulls will 100% be back. When they’re more comfortable that the lows are in, we’re more likely to see 10K than 5K.”
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