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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 $4,400.
Moro advised against buying the dip but said long-term investors are more equipped to handle bitcoin's plunge and wait for the price to rebound.
"This is about the fifth or sixth 75 percent-plus drawdown that we've seen in the 10-year history of bitcoin," he said. "And so if you have that [long-term] lens, I don't believe institutional investors really ultimately care where the price of bitcoin ends in 2018 simply because they're looking at things three to five years out."