This Study Will Perfect Your BIT COIN ,Earlier this month, he said the coin could drop as low as $5,000. Some say bitcoin mining, or the cost of production, outweighs gains once the price of bitcoin drops to around $8,000.But Neu-Ner said mining costs outweigh profits at around $5,000.“That’s where the miners look at this and go:
‘Is it actually worth keeping the machine on?”‘ Neu-Ner said earlier in June. “Then we may see a very different game in mining.”Neu-Ner reiterated those comments on Thursday and said bitcoin will soon reach a point where “miners find it’s not viable to mine. They’re going to switch off their machines.” He said many miners have already begun doing so.
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As for bitcoin, the price will continue to drop. “I’m calling $5,350 in the next week or two,” Neu-Ner said.While the trader said bitcoin is not a wise investment in the near term, he said now is a good time to consider long-term investments.“If you understand the technology and you’re a bull, then now is a great time to be buying,” Neu-Ner said.
“The blockchain is progressing and this thing isn’t going away,” he said.
But crypto investors have been on edge in recent weeks. Bitcoin fell below $6,000 earlier this month for the first time since February, leaving many to wonder if the crypto phase had indeed ended. The coin bounced back only a few days later. Still, bitcoin, the largest cryptocurrency by market cap, is nowhere near its December peak when it was priced around $19,500.
While Neu-Ner anticipates further declines in bitcoin, he still calls himself a crypto bull. To determine his next bets in the market, he’s looking at blockchain technology and infrastructure.“It’s a toss up for me among two coins,” he said.Those two coins are neo, the currency used for a Chinese platform similar to ethereum, and Cardano’s Ada cryptocurrency.
“It’s a blockchain protocol,” Neu-Ner said, referring to the Cardano system. “Which I think is highly undervalued.”