From mid-July Bitcoin managed to fall in price by a few thousands of dollars and push many first-time investors into a panic. A cryptanalyst under the name FilbFilb tweeted a detailed explanation of why beginners should not be afraid of sudden subsidence of the main cryptocurrency.
This morning Bitcoin trading at 9877 dollars. For the past day, the value of the coins rose by 3.24 per cent, however, the yield of BTC in a week remains disappointing — minus 21.9%.
The market will not fall even lower
Recall that in 2018 FilbFilb accurately predicted a new local bottom formed after the continuous downtrend in the history of Bitcoin. Now the analyst said that a serious drop of the home cryptocurrency will not allow miners.
In 2018, the bitcoin miners sold almost at cost, i.e. the sum of the costs of extraction of coins. Only the most optimized and efficient business survived. Players who are unable to adapt to the fall of Bitcoin prices, left the market.
1/ I have seen a lot of hysterical calls for bitcoin to find new lows and want to revisit a logical economics-based approach which helped me call the bottom in 2018 to near perfection and why I do not believe bitcoin will find new lows. https://t.co/HZ6L38dwKz
— fil₿fil₿ (@filbfilb) July 17, 2019
With the beginning of bullrun miners expect a gradual increase in BTC until halving. Most likely, they will massively sell their coins after some time after cutting awards on the block, hoping to screw the maximum profit with each bitcoins.
Review FilbFilb was published shortly after the tweet Donald trump. We will remind, the President of the United States recently publicly mentioned Bitcoin and altcoins, though not in the most positive way. Behind him kriptonyte criticized Treasury Secretary Steven Mnuchin.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Of course, the negative statements of high-ranking officials could push the bears to the new plum Bitcoin. However, they also served as a great advertisement of digital assets. Hopefully, the new investors will realize that BTC is an alternative to the dollar and the aggressive policy of the White house. And thanks to the emergence of new faces in the industry the situation of course is clearly better.
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