The cryptocurrency market appears to be recovering from a strong year-long bearish trend and bulls may be gaining ground, so several experts have taken on the task of analyzing the future of the cryptocurrency market. One such expert is Michael Moreau, CEO of Genesis Global Trading.
In an interview with CNBC, Michael Moreau expressed confidence that the price of Bitcoin will begin to rise very soon if it can overcome the resistance at $7 thousand. This opinion is based on simple technical analysis, and those who use fundamental analysis to predict prices will come to the same conclusions.
Michael Moreau is very optimistic about the high prices of this swing: “If resistance is overcome, then the bears are unlikely to take over the market. If the price stays at $7,000 for the next week or two, the bulls will be back 100 percent and the price will be more likely to be 10,000 than 5,000.”
According to the expert, the market should stop depending on developments with the SEC decision regarding ETF. Because, as Hester Pierce said, “the market now understands that the SEC will not come around to the ETF anytime soon, market sentiment around the product and the approval process should stabilize and stop influencing prices over the next 12 months.”
For Mr. Moreau, the critical price is $7,150, a price Bitcoin has not yet reached but is moving in that direction. The businessman believes that the market is able to maintain the price at this level, which could subsequently become the basis for a bull run in the cryptocurrency market.
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