The value of bitcoin has been declining continuously over the past couple of days and it’s not showing any sign of recovery. Bitcoin is presently trading below the $6k mark and Ran Neu-Ner – a crypto trader, said that the digital currency would likely go lower.
The Comments of Ran Neu-Ner
He said there is more blood to come. As of 6PM ET Thursday, the digital currency was trading at $5,914. At the moment, the digital currency is trading below that. Neu-Ner said, “Right now his money is on the market, heading south by the minute.”
He also said that there is more than a sixty percent chance of a digital currency bear market – compared with the sixteen percent chance of a bull market.
The founder of OnChain Capita said that a bearish crypto market indicates that the value of bitcoin would soon test $5,350 as its new low. This is actually not the first time this crypto trader has had a grim outlook for the digital currency.
Earlier this month, Neu-Ner said that the value of the coin could drop to $5k. Some say the cost of production or mining of bitcoin outweighs gains once the value of the coin drops to about $8k. But Neu-Ner said that mining costs outweigh gains at about $5k.
The Chaos in the Industry
A lot of digital currency investors have been on the edge over the past few weeks. The value of bitcoin (BTC) started trading below the $6k mark earlier this month for the first time in five months (since February), leaving a lot of investors and enthusiasts to wonder if the phase of the digital currency has indeed ended.
The digital currency bounced back a couple of days later, but the gains did not last it went back below the $6k level. The digital currency is currently trading at $5,890 and no one knows what the next move will be.