$4600 would prove wrong the theory that Bitcoin cannot go below $5500-ish, which is the guesstimated cost of mining one bitcoin that I've heard lately. So far it seems to be working. Every time it breaks below $6k it gets a huge buy that creates big candle of up to $400+.
This doesn't guarantee anything but it's another resistance to considering given past precedence.
As far as all altcoins going near zero... I am not sure the market as a whole is mature enough to realize how most altcoins are shitcoins and they just should be holding as much BTC as possible on their portfolios. So when the next hype for crypto comes, I still expect another altcoin bubble.
And people said Bitcoin never went below its previous ATH until it did in 2015.
The markets don't care what anyone pays to mine a coin. That's the miner's problem and no one else's and I'll guess we might be shocked at how cheap it is for certain groups. Perhaps miners are in there batting away at the price but that seems like a rapid route to total ruin.
I've stopped giving a shit about the near term Bitcoin price. It'll be fine in the end. Is the $4000s possible? I don't see why not.
I don't like to compare 2013's crash with the current crash. The fundamentals were terrible. I was ready to hit ridiculously low prices after the MtGox clusterfuck debacle. Very ready to hit below the april 8 2013th peak.
But right now things are different. The fundamentals aren't a nightmare that I can see, to justify super low prices.
As far as the cost of mining theory goes, I don't know how legit the actual numbers are, however I know self fulfilling theory is very legit, and at this point the $5500 ish barrier might have become a strong enough resistance that it's take in consideration for the market. I mean look at the graph, it always bounces back.
Could we go below there? sure. Would it break this theory? not really, unless we have a sustained period of price below the supposed cost of mining. If it happens then I guess the theory was wrong. But if we spend a week or so and then it quickly pumps back , it wouldn't really disprove it in my book.