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Bitcoin falls below $6,000, and one crypto trader says it will go lower
- anoncoward111 8y ago>[below $5,000, that's when miners start asking themselves, 'is it worth keeping this machine on?'] That's what we said when Bitcoin was at $30, when it was at $300, and I'm sure we will say it again when it's at $3,000. You don't have to be a genius to predict Bitcoin's market swings. A miner incurs capital and operational expenditures to acquire fancy digital tokens known as Bitcoin, Ethereum, etc. That miner then needs to have the intestinal fortitude (aka "stomach") to hold on to those coins while waiting for the next viral hype cycle to occur in the coins they own. If it never comes, the miner loses a lot of money, permanently. If the hype cycle does come, then at that point it's just an exercise in guessing the top of the market to maximize profit. Trading anything in the world is just like this. Beanie babies, gold, retro video games, and so on.