BTC under 6k? - page 2. | Bitcointalksearch.org

Kemarit

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Quote from: J. Cooper on June 30, 2018, 03:54:09 AM

Do you guys think there is a correlation between the sudden pump above $6K and the miners? Since some people claim that bitcoin at this moment costs $6k to produce. Therefore miners could be pumping up the price to be in profit again.

Hmm. Maybe another conspiracy theory IMHO. I don't think that miners would pump bitcoin just to gain profit. I'm pretty sure that most of them have profited a lot since they started and it doesn't makes sense at least for me, if they will do such acts.

Quote from: michellee on July 02, 2018, 05:44:06 AM

in this situation, I hope that bitcoin is not down under 6k because the price is not going to down too far or increase too high and it stays in the price now. and maybe we can see that bitcoin price can increase higher in this week and in the next week. many people still wait for the bitcoin price to increase again so they can sell the bitcoin in the highest price. but there are many people also wait for the price to go down so they can buy more bitcoin. I think let we see what will happen later.

Good news is that bitcoin has somewhat stablizes above $6000 which mean that we might not see another bottom. I think this July might bring us some new light to say the least and bitcoin will not have to suffer another bottom as most have exited and only the strong hands did stay and just waiting for that elusive bullrun that we all have been waiting.

michellee

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in this situation, I hope that bitcoin is not down under 6k because the price is not going to down too far or increase too high and it stays in the price now. and maybe we can see that bitcoin price can increase higher in this week and in the next week. many people still wait for the bitcoin price to increase again so they can sell the bitcoin in the highest price. but there are many people also wait for the price to go down so they can buy more bitcoin. I think let we see what will happen later.

JohnJarvis99

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I hope it will appear anymore, up and down make me feel tired at market.

Caladonian

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

If BTC fell to that level it will just continue the cycle, whales will buy the dip and pumped it a little, newcomers and short term traders will ride the pumped, then whales will dumped again and wait till how those weak holders will react, as we don't have any assurance what can be the holding ground in terms of value, 6k$ already been break twice but bounce back right away.

Paniudto

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

When bitcoin started the value of it is below a dollar and it does not perished. Volatility is the name of the game when you are in crypto. I don't think that bitcoin will die because of the many supporters it had right now. It will survive for a long time.

lablab03

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Quote from: Anhdzai on June 30, 2018, 07:48:22 PM

Bitcoin under 6k is indispensable because the market is down. I wonder if Bitcoin prices will recover or fall further

as of now the price jump back again below 6k after it fluctuate lately in 5k value. And in my view it will not fall further again on this situation 'cause as we noticed its been how many attempts to break 6k resistance and it always bounce back after. perhaps bitcoin growth is picking the right moment to soar again not to collapse.

Anhdzai

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Bitcoin under 6k is indispensable because the market is down. I wonder if Bitcoin prices will recover or fall further

TheHas

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Quote from: valentinen39 on June 30, 2018, 04:37:37 PM

Bitcoins under $6k is not a bad news, it was a very good value for people who wants to earn cryptocurrency today because in this way they can invest while the market price is currently dumping

That's right, it all depends on when you 'bought in' or started mining. I mean compared to all time highs in December 2017, Bitcoin has dropped 50 per cent. But compared to a little over a year ago it is still more than double.

So you're right - how much it impacts you depends on when you started being involved in crypto. I wrote an article about this recently, with a graph of how the top 50 coins have performed over the last 6 months: https://steemit.com/cryptocurrency/@hassy/cryptocurrency-price-changes-for-top-coins-since-december-2017

valentinen39

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

Bitcoins under $6k is not a bad news, it was a very good value for people who wants to earn cryptocurrency today because in this way they can invest while the market price is currently dumping

hahahafr

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I dont think that it will be below $6000 again. The price has re-tested, and it is over $6,400 at the moment, it might go up after this (this was a nice reversal after all)

BartS

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

There is no problem for bitcoin to survive under those prices not long ago miners were mining for a bitcoin worth 600 dollars the price right now is above 6000, ten times that so yes they can easily survive even if the competition has gotten harder and the costs of electricity went up that is still a good price for the miners so do not worry too much about that, and the psychological impact of bitcoin below that price is not that great, we have seen bitcoin sometimes testing those levels and the price always bounces back.

TheHas

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Quote from: Pursuer on June 30, 2018, 01:09:29 AM

bitcoin will survive any literary any price even at 0 because of the way it is designed.

you can search more about difficulty to learn more about it but basically the profitability of mining and how much it costs depends on difficulty and difficulty itself depends on how many miners or more accurately how much hashing power is mining bitcoin. and that changes with price, it is not a fixed amount. for example if price falls to a point where it becomes unprofitable to mine bitcoin and miners were put under pressure then some miners will stop mining and difficulty will decrease making it profitable again.

miners don't all have the same cost. some have cheaper electricity, cheaper labor,... are in cooler environment so need less cooling so less cost,... some have reached their ROI already and some have started recently,... so you see not all are going to suffer the same from same size of drop. which is why only some leave and difficulty changes a little at a time.
so far hashrate is rising despite the fall which means miners are making a lot of profit that makes them increase their hashing power instead.

Yes - but some parts I think no. Bitcoin wouldn't necessarily survive an extended period at zero because there will always be some costs associated with mining (having a cost to mining is part of the point).

Also the market demands that over a long enough time span we'll keep moving to an overall market breakeven point. This means, on a market level, the COST to produce/mine one unit of a cryptocurrency will be equal to (or at best perhaps slightly less) than the PROFIT generated by that one unit of cryptocurrency.

What differs is the cost at an individual mining operation level. This means that miners that can reduce their costs the most are the ones that will stay the most profitable and expand their operations. So the competition gets more fierce, difficulty goes up, profit margins get squeezed, smaller miners drop out and mining becomes more centralised. This is why large bitcoin mining operations are the most profitable, and everyone else is stuck using nicehash to mine some brand new shtcoin to swap for bitcoin Wink

But anyway, on your point about if Bitcoin was valued at 0 (for an extended period of time), well, then there wouldn't be much of an incentive to mine it and no one can reduce their variable or fixed costs to below 0.

Donotfoolme

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yes BTC under 6K it is better than last week , so we just need to make more patience about it . BTC will rise again it is pretty interesting ,

GreenProfit

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Dont worry even if price will be smaller then 2k$ bitcoin will not die.Bitcoin is brand like Coca Cola,it is first cryptocurrency so many people trust more in bitcoin than any other cryptocurrency,most time people which keep a lot of supply are keeping bitcoin and small fishes are selling for less and traders buy/sell with bitcoin.

ritsel02

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

This is a big problem today that BTC encountered. Having the price below to 6k is a disaster which making the investors withdraw their investment to BTC.

Valzzz005

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

I think they can survive because as long as there are a lot people that are supporting them the butcoins will survive. And besides rhis is happening because of us I do not think that there are someone that are manipulating the bitcoins it is only us so the reasons why the bitcoins are falling this much is because of those panic sellers that are spreading the fake news that the bitvoins is gonna end soon. They will gonna end if we tend to believe it but if we continue to support and invest then they will gonna rise again.

Romeotom

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Today price 6k$ plus I think now I see already something up bitcoin price today. 2018 year bitcoin always going to up and down not have stable. Cryptocurrency market already big down and many people got him loss.its soon is possible to the last year to recover our Lossing money.

talkbitcoin

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Quote from: SuperD007 on June 30, 2018, 03:26:06 AM

I don't understand why everyone goes into a panic whenever BTC goes down?

most of the things you read on bitcointalk is not "panic" it is instead people FUDing to pretend there is panic and create panic in others while they buy...

Quote from: J. Cooper on June 30, 2018, 03:54:09 AM

Do you guys think there is a correlation between the sudden pump above $6K and the miners? Since some people claim that bitcoin at this moment costs $6k to produce. Therefore miners could be pumping up the price to be in profit again.

there may be a correlation but not the way you said it. miners didn't pump anything. it is all about what people were expecting to happen.
for example as you said people expected the "mining cost" to be X and expected it not to go lower than that X, so when it went below that price, it acted as a buy signal for them so they started buying effectively increasing the price back up.

tanghere02

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Why wouldn’t it survive, bitcoin has dropped to $5k+ and it might even go down more as some experts would say. And it would be the best time to buy coins if it drops even more, but I am pretty sure it wont stay down for long, and might even recover once the last quarter of the year starts.

funchiestz

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If we take into account the developments that are happening today, I think that 6K is now the limit line. Going down from 6K will be very risky.

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