Will 6000 hold ?

Jow Forums has become eternally bearish, so you will absolutely find people here saying that we're going under $6k
>"BTC is heading for $2500"
>"BTC under $1k EOY"
>"BTC -$2500 by 2020"

nobody here is bearish except me

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At 4K I'll start turning, I expect the bottom around October, l dominance still pretty fucked.

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Looks like Kek confirms
still time to acumulate

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There are more people giving up than there are new suckers looking to get a lambo. There will be much more capitulation before there is any chance of a steady climb.

Quads confirm

I expect -20 -30% day/days to shake absolutly all weak hands.

realistic desu

I would nut

If we go down to 2k why buy in at all, might aswell let it die off then. Crypto was a nice idea, but giving the responsibility of not losing your funds to the end user is not something that can EVER find large adoption.

So if it drops below say 5k and its no longer profitable to mine, from electricity standpoint, are the fees in trading enough to maintain that price?

some of you are alright so I'll teach you guys how it works

usually you can calculate the cost of mining 1 BTC. You just need to get all the variables (hash difficulty, hashrate, average cost of energy, hardware power consumption, etc) and get an approximate average

last time the BTC fell >6000 USD it was IMMEDIATELY bought by a lot of miners (because ofc it was cheaper for them to buy BTC instead of mining them)

what is different this time is that mining in venezuela is getting more and more popular because it is EXTREMELY advantageous to do so in that country (not only people actually use bitcoin but they have amongst the cheapest energy in the planet in USD value). As big miners move more and more towards venezuela, the average cost of 1 BTC keeps falling

so yea, expect it to go much lower than 6000 this time until miners start buying again

Utter delusion incarnate

>If we go down to 2k why buy in at all, might aswell let it die off then.

Is this your first crypto boom and bust? This is the standard cycle. Big high, followed by big low to a little above the high of the previous bullrun (which for this cycle would be somewhere above $1.2k)

The mining cost will go down if the price of BTC goes down. Bitcoin could drop to $1k and mining cost would adjust. BTC would still work.

So are you saying that supply and demand have nothing to do with BTC and the price is ultimately determined by the cost (of electricity) to mine

Lel why would they buy if everyone is selling ? What are they going to do with those coins if no one wants them ?

This, back to 1k is a possibility. Interesting thought really.

>back to 1k is a possibility

I personally think that's a little too low. Anywhere in the $2-2.5k range I'm thinking is going to be the bottom

difficulty will raise by a good 10% in ten days. So this scenario might take a bit to realize, as it doesn't look like the hashrate is about to take a hit

i honestly dont know i was hope for bounce back to 6200-6300 to even considering to go back in but it looks like we may be under 6k today in that case i will short again

i also think we will reach 6000 today. The probability is kinda high.

~5700 in 7 hours

Based on?

Miners don't buy bitcoin
Difficulty adjustment keeps it profitable to mine at any price point
You are dumb

6k is a massive psychological barrier. If it drops below with conviction there will likely be an
even more significant drop. Similar to what happened last week when the 4 month Meme Triangle finally broke at 7k and we almost immediately plummeted to year to date low of 6.1k.
I'm not sure what the bottom would be after 6k falls.

what I described IS supply and demand

go read the whitepaper

YTD low wasn’t 6.1k, it was like 5900 or even a little under.

Of course, there's nothing to worry about.

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> I personally
kek

we going down under 6k of course

down to zero like all fiat currencies