mortonpeak
Education

Locating a baseline for Bitcoin, and what that means vs trend

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Two points: BTC rubbing up against the long term log trend, coming up Dec 6, also in line with FOMC meeting in US. Likely to raise Federal Funds lending rate. BTC has always respected this line.

The bottom floor we have right now also has resulted in a drive, historically, once the market believes it cannot drop . 2018 has punished crypto people and holders, so much fear waiting on that ~6,500 baseline. It is likely it will surge with the upcoming pressure, as super holders (miners) will need to lift the price with purchasing at the line.

The current price of BTC is driving miners out of business. Sources estimate the break-even (BE) of BTC at $6,900 up to $7,300. I believe that holding the current price at $6,500 will hurt them, if they cannot run with a better break even.

The chinese mines are likely able to operate without energy cost pressure in some regions. China holds some of the world's best electricity costs. Are they using their governmental subsidy to drive other miners out?
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