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.