Neu-Ner: Bitcoin Not At Bottom (But Still a Great Long-Term Buy)

Bitcoin is going down, and one prominent cryptocurrency analyst believes it’s still got a ways to go. Nevertheless, the upside potential — in the grand scheme of things — is still massive.

‘We May See a Very Different Game in Mining’

Ran Neu-Ner, founder and CEO of Onchain Capital and host of CNBC Africa’s “Crypto Trader,” believes Bitcoin has not found its bottom.

Neu-Ner told CNBC’s “Fast Money” earlier this week:

We keep going down, and we’re testing new lows. Sixty-two-fifty is the next point- If it goes under that, we’re going to test 5,900.

According to Neu-Ner, $5,000 is the key level that everyone should be keeping a close eye on — and that could prove to be a turning point for those mining the first and foremost cryptocurrency:

That’s where the miners look at this and go, ‘Is it actually worth keeping the machine on?’ At about $5,000, if we don’t get a turn up, then we may see a very different game in mining.

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