Bitcoin could fall to 3000 if the 7224 level is broken, according to Ron William of RW Advisory in an interview with IG TV.

William places the current ‘correction’ in the context of Bitcoin’s previous corrections and says it still has a long way to go. He thinks the other cryptocurrencies will likewise continue to follow suit, though Ethereum looks especially vulnerable because it is close to breaking out of a downwards triangle pattern. Moreover, William says there is a large price vacuum on Ethereum (i.e. an area with no strong price support) and once it breaks 600 he thinks it may fall sharply to the 460 level and then possibly 300.

Despite the gloom, William compares the rise of cryptocurrencies to the rise of internet companies in the 1990s and 2000s and thinks that long-term the future looks bright, though predicting which cryptocurrencies will survive remains the tricky part.

Watch the full interview.

Read the RW Advisory report.