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Bitcoin Can Continue Dropping To A Level Of $5900

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Onchain Capital co-founder Ran Neu Ner sure that the price of the first cryptocurrency will likely fall to $ 5,900. According to him, the drop in crytpocurrency price has not at all connected with the recent hacks of cryptocurrency exchanges. This, Ner thinks, is like saying that the robbery of a bank entails problems with the US dollar.

The main reason for the drop in the price of bitcoin is insufficient demand for this cryptocurrency, which fulfills the functions of "digital gold" Ner says.

Also, the analyst sure that short-term highs and drops in cryptocurrency prices don't worry those who really believe in the ability of blockchain technology to penetrate all business sectors.

"If bitcoin price reaches 20, 40 or 80 thousand dollars within a few years, then no one will be worried about whether bitcoin was bought for $ 6000 or $ 6500. Only day traders working on a scale of less than a year should be bothered by the current drop in the market price, "said Ran Neu Ner.

Ner believes that a serious problem could be a breakdown the mark of $ 5,000. In this case, the analyst is convinced, the bitcoin mining may become unprofitable, and companies engaged in the production of the first cryptocurrency will be reoriented to altcoins. This state of things will make significant adjustments to the state of the bitcoin infrastructure, which, in turn, may negatively affect the long-term prospects of this crypto currency.

Note that in the world there are also much more optimistically-minded analysts of the crypto-currency market. So, in May the head of the BitMEX exchange expressed confidence that the price of bitcoin could reach $ 50,000 by the end of this year.