I don't think Bitcoin's price will fall below $5000, because the miners' bottom line is at this price. When Bitcoin is below this price, there will be a lot of investors buying Bitcoin.
Whatever the price you think ( a theoretical miner for arguments sake ) you are mining BTC for you can be certain someone somewhere is paying less.
This number varies drastically around the world and miners will mine at loss to build a war chest for future bull markets anyway.
I'd argue that someone somewhere is paying next to nothing, at least some of the time, due to the a mix of politics, geothermal availability and or the economics of running power stations around demand cycles.
A better metric might be ROI on hardware vs MTBF of said hardware.
There are investors waiting at all price points. The question is. At which price point do the investors outweigh the sellers / profit takers?
I don't believe there is a magic threshold here. It could easily be $500 as $5k. This market has been, and will remain, irrational to both the upside and the downside.
We'll find out when we get there.
So far these charts confirm my bias for more pain to come. Simply because the universe won't let me get rich that easy, if at all.
We'll know soon if this was the bitcoin thread to follow or to ignore =)
either we reverse and go bull from here, either we go to 5200, but either way a big move is in preparation, place your bets gentlemen !!!
This can't be ignored now. It''s been too accurate so far.
It's relevance might end right here but it will be a usable reference for may market cycles to come.