Ran NeuNer, founder of ONchain Capital and host of CNBC's Cryptotrader, is predicting the price of Bitcoin to go even lower than this point.
NeuNer 'called' the drop to $5900 earlier this month and is now stating that Bitcoin will likely go down to $5350. "The same model is telling us there is more blood to come", NeuNer said at CNBC's Fast Money. "There is a 62% chance of a bear market, and a bear market means we're going to test $5350 as the next point. There is a 16% chance of a bull market, but to confirm the bull market we're going to need to test $7400 with high volume. So right now my money is on the market continuing to go down to about $5350 in the next two weeks."
With the Bitcoin price nearing the production costs of mining one Bitcoin, NeuNer 'receives notifications' from miners that they have 'switched off some of their machines'. "It's a huge factor. When the miners find that it's not viable for them to mine, they're gonna switch off some of their machines, and there's gonna be fewer machines in the ecosystem." Asked by analyst Brian Kelly why this would be a factor, since miners are still mining the same amount of Bitcoin which could be worth more in the future again, NeuNer didn't have a clear answer and started explaining mining pools.
NeuNer thinks that even in this bear market there are still a few interesting projects out there worth the buy. "I'm looking at infrastructure, they same to be really undervalued. It's a toss up for me between two coins. The one coin is NEO, the Chinese version of Ethereum, and the other coin is Cardano, ADA, which is a protocol-level, a blockchain protocol, which I think is highly undervalued."
NEO is now worth $27,66, Cardano is valued at $0,11.
That last comment on Cardano wasn't received particularly well by the crypto community, because it failed to explain what Cardano really is.
Transcribed the last 45 seconds. pic.twitter.com/kX2x9nNd78— Spencer Noon ? (@spencernoon) 28 juni 2018
?♂️— Anthony Sassano (@sassal0x) 28 juni 2018