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0:00:00 Bitcoin Correction Bottom Target Is $6,000, Coincides With Production Cost
0:00:06 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.
0:00:12 Bitcoin’s parabolic rally of 2019 is now a thing of the past, and what lies ahead is anyone’s best guess.
0:00:19 Crypto analysts are divided, with some calling a quick return to a bull market, while more bearish investors believe that Bitcoin has more to fall and will look for a bottom lower.
0:00:28 However, a formula used to determine the bear market bottom at $3,150 may provide the most accurate prediction for where the bottom of the current downtrend may be, and it coincides once again with the cost of production for Bitcoin miners.
0:00:42 A new discussion thread is taking crypto Twitter by storm, and it is centered around a particular crypto analyst, his 12-months in advance call of Bitcoin’s bear market bottom, and the data set he used to determine that number.
0:00:54 Related Reading | Crypto Market Death Cross Inches Closer, Will The Bear Market Return?
0:00:59 The crypto analyst goes by the name of FilbFilb, and on December 4, 2017, he suggested that Bitcoin’s bottom would be either $2,000, or $3,000, but would “lean towards” $3,000. Bitcoin’s bottom was $3,150 on many top exchanges.
0:01:17 His words on Dec 4, 2017: “I would lean towards 3k”.
0:01:22 His take on what comes next is fascinating.
0:01:25 But where did that number come from?
0:01:27 And how was it so accurate?
0:01:29 The answer is in production costs.
0:01:31 The production cost for the average Bitcoin miner to produce each BTC, was roughly $3,170 around March 2018. The theory is that much of the selling pressure in the crypto market comes from miners who are ferociously churning out new Bitcoins with each mathematical puzzle they solve.
0:01:49 Thanks for watching this video!
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