{"id":400951,"date":"2019-10-09T20:00:39","date_gmt":"2019-10-09T20:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=400951"},"modified":"2024-06-11T13:30:55","modified_gmt":"2024-06-11T13:30:55","slug":"bitcoin-correction-bottom-target-is-6000-coincides-with-production-cost","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-correction-bottom-target-is-6000-coincides-with-production-cost\/","title":{"rendered":"Bitcoin Correction Bottom Target Is $6,000, Coincides With Production Cost"},"content":{"rendered":"<p>Bitcoin&#8217;s parabolic rally of 2019 is now a thing of the past, and what lies ahead is anyone&#8217;s best guess. Crypto analysts are divided, with some calling a quick return to a bull market, while more bearish investors believe that <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> has more to fall and will look for a bottom lower.<\/p>\n<p>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.<\/p>\n<h2>Calling the Bear Market Bottom: Miner Production Cost Was Unbreakable<\/h2>\n<p>A new discussion thread is taking crypto Twitter by storm, and it is centered around a particular crypto analyst, his <a href=\"https:\/\/www.tradingview.com\/chart\/BLX\/1o5tcA0t-BTC-The-Parabolic-Move\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">12-months in advance call<\/a> of Bitcoin&#8217;s bear market bottom, and the data set he used to determine that number.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/10\/05\/crypto-market-death-cross-inches-closer-will-the-bear-market-return\/\">Crypto Market Death Cross Inches Closer, Will The Bear Market Return?<\/a><\/strong><\/em><\/p>\n<p>The crypto analyst goes by the name of FilbFilb, and on December 4, 2017, he suggested that Bitcoin&#8217;s bottom would be either $2,000, or $3,000, but would &#8220;lean towards&#8221; $3,000. Bitcoin&#8217;s bottom was $3,150 on many top exchanges.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a>: WHAT HAPPENS NEXT<\/p>\n<p>1\/  <a href=\"https:\/\/twitter.com\/filbfilb?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@filbfilb<\/a> called BTC\u2019s bear market bottom 12 months in advance \u2014 before the bull market even finished!<\/p>\n<p>His words on Dec 4, 2017: \u201cI would lean towards 3k\u201d.<\/p>\n<p>His take on what comes next (and why) is fascinating. <a href=\"https:\/\/t.co\/WkcsvReFzo\" rel=\"nofollow\">https:\/\/t.co\/WkcsvReFzo<\/a> <a href=\"https:\/\/t.co\/Dk04zLl9lm\" rel=\"nofollow\">pic.twitter.com\/Dk04zLl9lm<\/a><\/p>\n<p>&mdash; Cole Garner (@ColeGarnersTake) <a href=\"https:\/\/twitter.com\/ColeGarnersTake\/status\/16909826?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 9, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>But where did that number come from? And how was it so accurate? The answer is in production costs. Even Satoshi Nakamoto, the mysterious, pseudonymous creator of Bitcoin, said that &#8220;the price of any commodity tends to gravitate toward the product cost.&#8221;<\/p>\n<p>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.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">8\/  Production cost doubles when the block reward halves. That makes $6340 the new floor.<\/p>\n<p>Smart money knows it, again. Retail has no clue, again. <\/p>\n<p>(Lots of longs in the right place, for the wrong reasons).<a href=\"https:\/\/t.co\/elkSTCYDUw\" rel=\"nofollow\">https:\/\/t.co\/elkSTCYDUw<\/a><\/p>\n<p>&mdash; Cole Garner (@ColeGarnersTake) <a href=\"https:\/\/twitter.com\/ColeGarnersTake\/status\/94822401?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 9, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>But things have since changed. The production cost has only increased slightly, however, the absolute bottom price of Bitcoin will have to change around the halving. Each Bitcoin halving cuts the reward miner receive in BTC in half. This causes production costs to double overnight. Top Bitcoin mining farms know this, and have already priced the doubled cost production into their &#8220;bottom line.&#8221;<\/p>\n<p>That puts the new bottom, according to this theory, at roughly $6,340. Interestingly, targets from Bitcoin&#8217;s triangle formation also match up this range as a possible bottom target \u2013 and also acted as support during most of the bear market, until the true bottom was set.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/10\/09\/bitcoin-forming-continuation-triangle-from-ath-50k-target\/\">Bitcoin Forming Continuation Triangle From ATH, $50K+ Target<\/a><\/strong><\/em><\/p>\n<p>The analyst breaking down this data, step by step, says that each new bull market is &#8220;preceded by a terminal shakeout&#8221; or a &#8220;higher timeframe stop run,&#8221; before going on a parabolic rally. The current price action, the analyst suggests, is just that, and is healthy for Bitcoin long-term. Because of this potential bottom zone, anywhere from $6,400 to $7,500 is considered a &#8220;great buyzone.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s parabolic rally of 2019 is now a thing of the past, and what lies ahead is anyone&#8217;s best guess. 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. 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. Calling the Bear Market Bottom: Miner Production Cost Was Unbreakable 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&#8217;s bear market bottom, and the data set he used to determine that number. Related Reading | Crypto Market Death Cross Inches Closer, Will The Bear Market Return? The crypto analyst goes by the name of FilbFilb, and on December 4, 2017, he suggested that Bitcoin&#8217;s bottom would be either $2,000, or $3,000, but would &#8220;lean towards&#8221; $3,000. Bitcoin&#8217;s bottom was $3,150 on many top exchanges. $BTC: WHAT HAPPENS NEXT 1\/ @filbfilb called BTC\u2019s bear market bottom 12 months in advance \u2014 before the bull market even finished! His words on Dec 4, 2017: \u201cI would lean towards 3k\u201d. His take on what comes next (and why) is fascinating. https:\/\/t.co\/WkcsvReFzo pic.twitter.com\/Dk04zLl9lm &mdash; Cole Garner (@ColeGarnersTake) October 9, 2019 But where did that number come from? And how was it so accurate? The answer is in production costs. Even Satoshi Nakamoto, the mysterious, pseudonymous creator of Bitcoin, said that &#8220;the price of any commodity tends to gravitate toward the product cost.&#8221; 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. 8\/ Production cost doubles when the block reward halves. That makes $6340 the new floor. Smart money knows it, again. Retail has no clue, again. (Lots of longs in the right place, for the wrong reasons).https:\/\/t.co\/elkSTCYDUw &mdash; Cole Garner (@ColeGarnersTake) October 9, 2019 But things have since changed. The production cost has only increased slightly, however, the absolute bottom price of Bitcoin will have to change around the halving. Each Bitcoin halving cuts the reward miner receive in BTC in half. This causes production costs to double overnight. Top Bitcoin mining farms know this, and have already priced the doubled cost production into their &#8220;bottom line.&#8221; That puts the new bottom, according to this theory, at roughly $6,340. Interestingly, targets from Bitcoin&#8217;s triangle formation also match up this range as a possible bottom target \u2013 and also acted as support during most of the bear market, until the true bottom was set. Related Reading | Bitcoin Forming Continuation Triangle From ATH, $50K+ Target The analyst breaking down this data, step by step, says that each new bull market is &#8220;preceded by a terminal shakeout&#8221; or a &#8220;higher timeframe stop run,&#8221; before going on a parabolic rally. The current price action, the analyst suggests, is just that, and is healthy for Bitcoin long-term. Because of this potential bottom zone, anywhere from $6,400 to $7,500 is considered a &#8220;great buyzone.&#8221; &nbsp; &nbsp;<\/p>\n","protected":false},"author":517,"featured_media":400960,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1079,6664,32326,2990],"class_list":["post-400951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bottom","tag-crypto","tag-filbfilb","tag-mining"],"acf":[],"yoast_head":"\n<title>Bitcoin Correction Bottom Target Is $6,000, Coincides With Production Cost<\/title>\n<meta name=\"description\" content=\"Bitcoin&#039;s parabolic rally of 2019 is now a thing of the past, and what lies ahead is anyone&#039;s best guess. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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