CNBC Africa’s Crypto Trader host, Ran Neu-Ner, who is a frequent guest on Fast Money, said on Thursday that he is bearish on Bitcoin prices. He also said that his sentiments towards both NEO and Cardano remain bullish.

Neu-Ner predicted that Bitcoin prices could drop further; this time, landing at $5,915. He stated that a further fall in price during the next two weeks is likely.

Neu-Ner successfully predicted the fall of Bitcoin from $6,860 to $5,900 on June 11. This time, he has more bad news for investors.

He said:

“Look. Unfortunately, the same model that told us we are going to $5,900 is telling us there’s more blood to come. It’s calling a 62% chance of a bear market, and a bear market means we are going to test $5,350 as the next point… There’s about a 16% chance of a bull market, but to confirm the bull market, we then need to test $7,400 with high volume. So, right now, my money is on the market continuing to go down and going down to $5,350… and time horizon there is the next two weeks.”

When asked about mining in Bitcoin, Neu-Ner had some disappointing news. He stated:

“It’s a huge factor, but what’s going to happen is when the miners find it’s not viable for them to mine, what they are going to do is switch off their machines, and there’s going to be fewer machines in the ecosystem, and the machines that are left are going to continue to mine. So, we are at those levels. We received some notifications from some of the miners that they have already switched off their machines.”

Hedge fund manager Brian Kelly argued that he does not believe that lowering production cost would have any impact on price. He said that the supply of Bitcoin would remain the same, regardless of the number of miners in the market.

Neu-Ner further explained that, as some miners move out of the market, the bounty will be shared between a smaller number of people, which makes it a viable business again. However, making new mining infrastructure investment may not be as viable.

Tim Seymour suggested that now is a great time for long-term investors to jump in the market. Short-term investors could have a hard time in the market. However, if they are ready to take a short position, then he predicts the market to go all the way down to $5,350.

Neu-Ner said that traders could find solace in NEO and Cardano, adding that he is “very bullish” on these two coins. He noted that blockchain infrastructure projects are “really undervalued” and, because of this, the two currencies became his favorites.

CNBC Crypto Expert Bearish on Bitcoin, Has High Hopes for NEO and Cardano was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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