Bitcoin to tank below $3,000 before true recovery starts - Morgan Creek's Pompliano
|- Bitcoin is consolidating losses after X-mass sell-off.
- Anthony Pompliano foresees more downside pressure.
BTC/USD is changing hands at $3,753, down 2% in recent 24 hours. The price of the largest digital asset has returned inside the Bollinger Band (daily) after a short-lived spike above its Upper line. The nearest support lies with $3,600 with the middle line of daily Bollinger Band located right under that level. On the upside, the critical resistance is created by $4,000.
Meanwhile, the head and the founder of Morgan Creek Digital Assets Anthony Pompliano believes that Bitcoin's slump was not over. At least, that's what he said in the interview with CNBC on December 26.
“Short term, I actually think we have lower to go,” he commented, reiterating his forecast that Bitcoin's price would drop below $3,000 before it bottomed out.
In November he correctly predicted that the price would dip to $3,000. Answering a question about cryptocurrency market correlation with the stock market, especially with so-called FAANG (Facebook, Apple, Amazon, Netflix, and Google), he said that it was a myth.
“I definitely agree there are some psychological components at play as the stock market pulls down,” Pompliano continued, noting Bitcoin’s correlation with the S&P 500 was “zero” and “near zero” with the dollar index.
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