Bitcoin Drops Below $6,000 for the Second Time in June 2018

2018-6-29 16:13

Bitcoin fell below $6,000 yesterday (June 28, 2018) for the second time in June. The dip is the latest in a series of sudden declines that has characterized the crypto’s price trajectory in last four weeks. The top-ranked cryptocurrency seems destined to end the first half of the year 70 percent less than its all-time high of $19,500 set in mid-December 2017. Some experts have even stated that BTC will decline even further, perhaps bottom out dangerously close to $5,000 in the coming weeks.

Bitcoin Price Rout is Far from Over

According to Ran Neu-Ner, the CEO of OnChain Capital, Bitcoin is likely to decline even lower. Speaking to CNBC on Thursday, the crypto trader said:

There’s more blood to come. Right now, my money is on the market continuing to go down.

Neu-Ner also quashed any hope of a significant resurgence in BTC prices any time soon. According to him, the odds are about 4-to-1 in favor of a continuation of the bear market as against any sustained bull run. Thus, he is predicting that Bitcoin will slip to $5,350.

Neu-Ner isn’t the only one with a grim outlook on Bitcoin and cryptocurrencies in general, following their significant price declines throughout 2018. According to Will Hobbs, the Investment Strategy Chief at Barclays Smart Investor:

The rout in cryptocurrencies is still not finished.

Hobbs believes that cryptocurrencies like Bitcoin don’t yet show any viable economic utility. Thus, mainstream investors are more likely to stay away. He also said cryptos don’t currently fulfill the necessary criteria that would make them an investible asset.

Tough Times Lie Ahead for Miners

In April 2018, reports emerged that miners operated at a loss if BTC price fell below $8,600. However, the larger mining firms could weather the price decline storm for a couple of years even if price levels dropped as low as $5,000. Neu-Ner believes that if Bitcoin doesn’t experience a bull run soon, some miners might go out of business, saying:

That’s where the miners look at this and go: ‘Is it actually worth keeping the machine on. If miners find it’s not viable to mine. They’re going to switch off their machines. Then we may see a very different game in mining.

However, Neu-Ner thinks for people who understand the technology; the present period might be the best time to invest in Bitcoin. He, however, urged traders to be cautious and not expect short-term gains but instead invest in anticipation of a future bull run.

The post Bitcoin Drops Below $6,000 for the Second Time in June 2018 appeared first on UNHASHED.

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