I believe some people are being ridiculous when setting targets at 6,000 and below. During the several crashes we had so far from January to February, the bottoms have consistently been at strong support trendlines from previous bottoms. If we are going below 6,000, then we will go down to 2,500 levels (trendline from year 2016 bottom) but this is ridiculous given that it costs more than 4,000 to mine one bitcoin. What do you think these miners will do when they see the price drop so much? No they will not abandon their investments they have put into the mining equipment. They will buy more Bitcoin from the open market.
Staying below the upper yellow trendline in the chart will be extremely healthy and staying above the bottom yellow trendline in the chart is being realistic. Please consider Bitcoin technical fundamentals as a groundbreaking currency as well in your analysis, and stop being unrealistic in the bearish target.
Staying below the upper yellow trendline in the chart will be extremely healthy and staying above the bottom yellow trendline in the chart is being realistic. Please consider Bitcoin technical fundamentals as a groundbreaking currency as well in your analysis, and stop being unrealistic in the bearish target.