logo

Bitcoin price will not go below $6500 with miners’ support before halving

bitcoin price prediction 18 july

Bitcoin prices have been falling but despite the bull take control or not expert believe Bitcoin price is not going to go below sixty-five hundred dollars ($6500) because miners will provide support to the king.

It is not just the buyers and sellers. The miners have a say in how things are run the cryptomarket as well and they have been in action for quite some time because the block reward halving stems closer with 2020 just around the corner.

Filb Filb, a renown crypto trader and analyst gave hypothesized that the miners may be responsible for the lows that have prevailed in the market with BTC/USD pair landing at the nine thousand dollars ($9000) mark as checked on 17th July 2019.

While it is no surprise that it has been quite a bad week for cryptocurrency after being so volatile that it kept falling. All of the crypto coins suffered. Some suffered more while others, comparatively, were well off.

Bitcoin price will not go below $6500 with miners' support before halving 1

According to Filb Filb, the miners know what they are doing and a testament to his fact will be provided by the no surge period that is to follow for Bitcoin (BTC). Yes, miners want to keep the market alive for maximum profitability. Why slaughter the golden goose when it can pop up a new high on the bitcoin chart now and then?

Filb Filb cited Satoshi Nakamoto that the miners will be selling their stash when revenue er unit is greater than the cost per unit so this act of selling may suffice for the commodity’s demand and hence they are discouraged by their expertise in the market to sell when the revenue is less than the cost. Hence, the production cost is, on what, commodity cost is based over.

Bitcoiners are selling their coins in twelve (12.5) BTC cashes. Why? Because that is what one BTC block is worth. This price will be halved to six BTC (6.5) in the advent of 2020.

Filb Filb’s theory stretches to the concept of a new halving bubble being created by the miners to maximize their revenue per unit. The miners are planning on saving Bitcoin from falling to the clutches of the six thousand dollars ($6500) mark.

The good that came as a result of an outcome from the market surges in the immediate past was that efficient and devoted miners are left now. The game is going to get interesting.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

Related News

Hot Stories

Stripe unveils new crypto to fiat feature
Cardano price analysis: ADA/USD price has recovered to $0.3171 after gaining bullish support
Best crypto memes of the day - December 2nd
Orbeon Protocol (ORBN) Set to rise by 6000% in presale: Is it a better investment than Bitcoin (BTC) in 2023?
Best Twitter threads of the day - December 2nd

Follow Us

Industry News

Stripe unveils new crypto to fiat feature
'I think he's telling the truth,’ Kevin O'Leary on SBF
Blockchain games are doing great despite the failure of FTX
Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?
Russian bank infuses metamask into its blockchain

Add Your Heading Text Here