Following his interview at CNN, A. Pomp, had a cryptocurrency interview at CNBC. During the interview, Anthony Pomp, one of the most popular Bitcoin advocates, talked about how Bitcoin is fighting back and struggling to stay above $4000. According to him, the price of Bitcoin is going to hit bottom when it is 85% down from its all-time-high.
Bitcoin Is Fighting Back
During the interview he said that the price of BTC will remain bearish short-term. Pomp made reference to how Bitcoin fell dramatically after it lost the support at $5,800. Breaking this level, according to him, showed that BTC is going to have a hard time moving up. He made reference to the fact that BTC always falls lower than 80% before any change in the price action occurs. Considering the historical data available, the Morgan Creek founder said that BTC is most likely going to hit $3000. This would be 15% of its all-time-high set in December 2017. If BTC reaches this level, it would have fallen by 85% within one year.
When asked about how the sell-off will affect future investment interests, Pomp said only non believers will be deterred. According to him, ardent believers will not be discouraged from investing or using Bitcoin in the future because it is the most secure settlement layer for transactions in the world. So, BTC will always have value.
Also, Pomp said that cryptocurrencies have been the best performing assets in the last decade. They have done better than the equities market in the United States. He said that even if the price of Bitcoin has declined significantly, it is still a promising investment option. He said that the next bull run will be caused by retail players and not individuals with high net-worth or institutions that the market has been calling out for.
One of the participants on set asked Pomp what makes cryptocurrencies different from the historic tulip mania. In response, he calmly said that institutional investors have been entering into the cryptocurrency market slowly but they have been doing so through over the counter desks and not through exchanges because exchanges are more susceptible to drastic price swings and often offer low liquidity.
Bitcoin (BTC) Price Today – BTC / USD
In conclusion, Pomp said that Morgan Creek is ready to purchase BTC when it is as low as $3000 and they will keep buying until the bearish market ends. While he is bearish about the price of Bitcoin short-term, he is bullish about the industry in the long-run.
Bitcoin (BTC) Price Analysis
Main while, how is Bitcoin doing today? The largest cryptocurrency per market capitalization is currently trading in red against the USD at $3,731.80. This shows that it is down by 4.91% against the USD. The trading volume over a 24 hour period is $6,569,036,852 and the market capitalization is $64,919,359,108.
BTC and every other top coin is falling against the USD. The only exceptions are BCHSV and BCHABC. Both coins are reporting double digit gains. It isn’t clear why the two coins are green and when the bears will take over from the bulls yet.