[ Bitcoin ] Another approach in finding the bottom of Bitcoin Price
Once again, we go lower. But we are also getting closer to the bottom I believe. It will turn, just like it turned at $20k. Currently we are at $7117 on Bitstamp.
Yesterday I saw a very interesting video by Alessio Rastani on YT. He has 2 graphs. One for gold and one for Bitcoin. He then compares the production cost of gold and Bitcoin to the prices.
It is clear that the prices will fall close to of just under the production price. He also has a chart of the production cost for a Bitcoin for each country. Very interesting indeed.
Here is the video Alessio Rastani made:
As you know I follow many commentators on YT and Tradingview. It seems like we are close to a support level around 7000 and we might see a small rally to 7500. But the then the down trend might continue. So take care with your trades and bots.
Do you think we will see a small rally to $7500 this week? Will we go down again?
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Very interesting video and comparison. But this does not mean the bottom is in. What is does show me is that if we fall to $3500 we will go back up again as the average mining cost is much higher than $3500.
I agree. I forgot to add the article with all the costs per country. Here we go: https://www.marketwatch.com/story/heres-how-much-it-costs-to-mine-a-single-bitcoin-in-your-country-2018-03-06
I see South Africa is at $5948. And I thought we had cheap electricity?
And China is at $3172. I think most mining is in China. So does that mean we will go down to $3172?
Unfortunately, yes it could go down to $3172. Tone Vays has a target of $3500. So maybe he is right?
Hope not
Nice article but what is the production price now? Cant watch Video here on work.
According to the article it is about $8038, but if you look at the table USA and China and Iceland is much lower than that. And that is where most of the mining is happening. China is $3172
The China price of $3172 is very close to Tone's target of 3500. :(
Great analysis! I believe the short term scenario for Bitcoin is still very bearish and that price will continue to fall until we are trading below the $6,900 region. Price has began to develop lower highs and lower lows after falling through the support level of $7,500 level. We could see price trade as low as $6,400 by the end of the month.
That can happen and there are others that will agree with you. But they also say that we might see a small relief rally now before going down again.
I am starting to getting use to the 6500 figure. I still hope 7077 was the low.
The $7,077 level could well be the low. However, overnight price rallied back to the $7,500 level and sure a very strong rejection off this level with a $200 decrease in value since reaching the level a few hours ago. It is very common for price to see a small pullback up to the previous low before it continues its push down, i believe that is what we will see happen here. Its pushed to the previous low of $7,500 and will now come back to test the $7,077 level.
Yeah could happen!
Making money in down market without short selling. Pretty amazing!
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Nice sneaky Ninja Attack. Thank you for your vote
Agree :)