Bitcoin is back under $5000, which has a lot of short-term investors flummoxed.
Others, though, are seeing an opportunity.
“This is the first time in a while I’ve felt like buying bitcoin. That drop was too much panic and too little reason,” tweeted Edward Snowden, that famous whistleblower whose book, Permanent Record, is now revealing lots of inside information about American NSA activities, in the wake of the crash.
Although $5000 in change might look like a great entry point for someone who has seen Bitcoin soar over $10,000 just in recent weeks, some suggest the coin has further to fall, with Peter Brandt as quoted in a Cointelegraph story today by Marie Huillet predicting a floor around $1000 per coin.
However, some with a window into BTC markets suggest that mining will prevail even if the down market goes into the March miner reward halving event planned for May.
“Some miners will drop out,” tweets Mati Greenspan of eToro fame in a relevant scenario prediction. “The hashrate goes down. Difficulty adjusts, making it easier for new miners to enter the market. Bitcoin continues producing blocks uninterrupted.”
As for exchange leaders, Anatol Antonovici, in a story today at Bitcoinist, cites remarks by BitMex CEO Arthur Hayes.
“Bitcoin has never ceased to surprise us, even though it had previously shown wild spasms of volatility here and there,” Antonovici writes. “Giving a short-term prediction in such circumstances is ridiculous, but the coin should eventually revive when or if the global economy gets back on track.Yesterday, ( Hayes) said that he didn’t believe that Bitcoin would revisit the $3,000 territory and that the “max pain probably resides somewhere between $6,000 to $7,000.”
Stay tuned.
