Bitcoin has plummeted beyond $6,000 level overturned the proposition made by ex-banker of JPMorgan, turned to be self proclaimed crypto analyst Tom Lee of Fundstrat Global Advisers. Tom Lee guessed that Bitcoin market would defend support line of $6,000 since this price level corresponds to the break-even point for the most Bitcoin miners. This idea didn’t prove itself since there are miners who have less expensive structure of outlays. Another counterargument is that the market is not obliged to play the game of expenses and may move in direction dictated by more influential factors than miners’ costs structure.
This market rout again reminded us that “actual investors think in decades, not quarters.” Phillp Nunn believes that Bitcoin is going to test the level below $5,000 and this only means one investment advise: just HODL. The head of BKCM, Brian Kelly, argues that there is a perfect time to accumulate more cryptocurrencies. As fa it concerns the reason to current Bitcoin and almost all crypto market’s downturn one may seek in the brawl over Bitcoin Cash hard-fork, the showdown sale of high technological companies’ shares at Wall-Street, new attempt of Chinese powers to crack down on miners through restricting their access to the electricity. Matt Odell has right when he claims that there is no one specific reason to the current crypto downturn. As BitMEX’s Arthur Hayes predicted Bitcoin has to touch $4,000 before it goes to the Moon. The partner of Morgan Creek Capital Anthony Pompliano argues that Bitcoin may retest $3,000 level before new crypto bull run is unleashed.