Here it is another bloodbath. Yes, we claimed we wouldn’t fall below $5800. Fundamentally, it doesn’t make sense. When the price falls below $5800 mining of the BTC becomes unprofitable.
This forces many miners to switch off their mining machines and that actually happens.
The global hash rate has fallen 50% since its peak in the middle of October from 60 mln Th/s to current 40 mln Th/s. This long-term trend (since 2 years) has been broken.
Without the price going up this trend on the hash rate will continue. Without miners, there is no network and there is no business.
We also think whoever he is Satoshi Nakamoto won’t let that happen.
He is the biggest beneficiary of the whole business and we are sure he will exchange his BTCs over the counter (OTC) in order to buy up BTCs on the exchange and built the price pressure.
For more detailed info please look at our previous analysis.
Here are details
• Before bounce back we can fall as low as $3666
• RSI- we are very low and heading to historical low at 26 points which took place at the beginning of 2015. We have right now 34 points so there is a space to fall a bit further.
• The price should quickly come to the level of $5800
• Hash rate of the whole network has fallen down by 50% - in order to inverse it the price has to go up.
Guys! We definitely don’t believe this is the end of the story. This is just the beginning. In a couple of months/ years time, we will all laugh at what is currently happening.
BTC and blockchain are the great inventions which revolutionize not only the economy but also our every-day life and politics.
“Keep your head up. Even if the road is hard never give up.” – Tupac Shakur
This is my personal opinion, concluding summary of the things below.
Futures(CME, CBOE) Expiration Date, 50days Pattern, Comparison with 2014
Where do you think is the most likely position for BTC to rebound?
Not conspiracy; the whales have to make money. Fact of life. =D