Bitcoin will fall 30% before bottoming at $3,000: Crypto trader

Bitcoin shares could bleed another 30 percent before they bottom, cryptocurrency trader Michael Moro told CNBC on Friday.

“You really won’t find [the floor] until you kind of hit the 3K-flat level,” the Genesis Trading & Genesis Capital Trading chief said on “Squawk on the Street.”

“It’s really difficult. There are small levels of resistance,” he said. “We’ve seen the 4,000 level get tested twice now in the last couple of days, but I really don’t think there’s too much in the mid-3s.”

Bitcoin was down 40 points at one point early Friday, continuing a nosedive that began last December soon after the futures exchange launched on CME. The digital currency peaked north of $17,000 in early 2018. Now it’s trading about 75 percent below that value, at around…