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Bitcoin fell! Yes, Bitcoin reached its lowest level since November when it sank to $5,791.19 on Friday.
But experts say NO! Experts say this Bitcoin fell is only temporary.
For example, Brian Kelly of BKCM told CNBC that the reasons for the dip was much fold but largely because of tax selloffs, regulations on cryptocurrencies in Japan, exchanges being hacked, and $10 billion funding ICO’s.
“This is not the funeral for bitcoin whatsoever,” Kelly told CNBC. He also stressed that this isn’t unusual and said, “Let’s put this in perspective. Do you know where we were a year ago? $2,500.”
Contrary to him, trader Ran Neu-Ner said he expects Bitcoin to keep falling. The founder of OnChain Capital told CNBC that the price is likely to fall to $5,350 in the next week or two. He remained bullish on long-term investments in bitcoin and he told investors to consider two other coins.
“Right now my money is on the market continuing to go down,” he said.
Bitcoin fell, will it cause less mining
Earlier in June, he considered what miners will do in the next period.
“That’s where the miners look at this and go: ‘Is it actually worth keeping the machine on?”‘ Neu-Ner said. “Then we may see a very different game in mining.”
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.
Despite his own predicting, Neu-Ner described himself as a crypto bull. “If you understand the technology and you’re a bull, then now is a great time to be buying,” he said.
One of the staunchest Bitcoin proponents, Tom Lee of Fundstrat Global Advisors, reiterated a prediction that the asset would end the year around $25,000 during a Bloomberg interview. Bitcoin Foundation‘s Llew Claasen back in February said bitcoin would touch $40,000 by the end of this year, in a Business Insider interview.
Their words assure us this cryptocurrency will not disappear in a puff of smoke.
I believe them. Why?
That is the point of knowing the history.
Bitcoin had 4 crisis already and survived, stronger after each of them.
The first was July 2010, when he jumped from $ 0.008 to $ 0.08. The other was the “Big Bubble 2011”, from $ 0.06 to $ 31, then dropped to $ 5. The third was in April 2013, from $ 20 to $ 280, when Cypriot banks rescued floating client deposits. The fourth was a major crisis of the MtGox Stock Exchange in November 2013 when it jumped from $ 70 to $ 1,200, and a few months later it fell to $ 200.
That’s why experts aren’t worried one bit.
And you? What do you think? Let us know!