Bitcoin (BTC) Will Fall Below $3000 According To Morgan Creek Digital’s Anthony Pompliano


Bitcoin (BTC) has been stuck in a descending channel almost throughout the year 2018. Last week, the bull run in the market took the price of BTC above $4,000 but it fell below this level once again. The boost in price helped many investors regain their confidence in BTC but there are still those who believe that the worst is yet to come. According to Anthony Pompliano from Morgan Creek Digital, the price of BTC will still fall below $3000 before it finds a bottom.


Bitcoin To Fall Below $3000?


During an interview with CNBC, Pompliano, who has always been an active member of the cryptocurrency community, said that BTC will not reach bottom until it moves below $3000. In his words: “I believe the price of BTC is still going to fall lower short-term.”


FAANG Stocks Tumble


During the interview, Pomp was asked if he believed that the price action of BTC has any relationship with the stock of the tech giants of the world – FAANG (Facebook, Apple, Amazon, Netflix and Google). In reply, he said that the price of BTC isn’t affected or related to FAANG stocks.


Bitcoin (BTC) Price Today – BTC / USD
Name Price
bitcoin
Bitcoin
$10,320.281.20%


FAANG stock have been tumbling since the beginning of the year just like the cryptocurrency market. Traditional stocks fell during Christmas when cryptocurrencies fell. So, it’s easy to conclude that they are all correlated. In Pomp’s words:“I agree that there are psychological components that are typically at play with the stock market decline. However, there is zero relationship between BTC and S&P 500 or the dollar index.”


Just last week, Tone Vays, a veteran trader said that BTC must close above and not below the 50-month moving average or it will fall as low as $1,300.


Keep in mind that in November, Pomp, as he is popularly called on social media, said that BTC will fall as low as $3000. This happened shortly after his prediction. Ever since then, the price of BTC has recovered against the USD as it was able to meet the monthly high above $4300 before a downward correction started and it fell to $3782.


When the price of BTC went up, the price of altcoins followed as expected. In fact, ETH and BCH doubled their USD values within a few days. Right now, Bitcoin is trading at $3,810.24. This shows that it is up by 0.28% against the USD. The trading volume over a 24 hour period is $5,066,421,294 and the market capitalization is $66,475,526,974.
Bitcoin Cash (BCH) is trading at $168.90. This shows that it is down by 1.93% against the USD and down by 2.10% against BTC. The trading volume over a 24 hour period is $392,970,616 and the market capitalization is $2,961,317,976.


Ethereum (ETH) is currently trading at $127.03. This shows that it is down by 1.97% against the USD and down by 2.13% against Bitcoin. The trading volume over a 24 hour period is $2,465,622,786 and the market capitalization is $13,215,544,643. Bitcoin started trading in green within the last one hour. Hopefully, other cryptocurrencies will join in soon and trend in green against the USD.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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