{"id":467115,"date":"2021-07-08T20:00:46","date_gmt":"2021-07-08T20:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=467115"},"modified":"2024-06-11T08:45:02","modified_gmt":"2024-06-11T08:45:02","slug":"production-cost-14k-floor-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/production-cost-14k-floor-bitcoin\/","title":{"rendered":"Production Cost: Why $14K Is Likely The Absolute Floor For Bitcoin"},"content":{"rendered":"

Bitcoin price is at a critical inflection point<\/a> according to most analysts across the market, either ready to lose support and fall deep into a bear market, or about to climb to new highs \u2013 nothing in between.<\/p>\n

Those on the bearish side of the fence are already calling for lows under $10,000 and others suggesting a deeper decline than Black Thursday. However, one important piece of data suggests that the absolute price floor for BTC, is around $14,000 per coin. Here’s why.<\/p>\n

Speculating On The Crypto Correction And Potential Cycle Targets<\/h2>\n

Crypto traders are an egotistical bunch. When they’re not shitposting and sharing memes online, they’re posting screenshots of their unrealized PnL amounting in the millions and the hindsight charts that made them rich.<\/p>\n

As a speculative market, participants are often seen rightfully speculating, predicting prices of hundreds of thousands per coin<\/a> in the future, or projecting a fall to new lows.<\/p>\n

Related Reading | Bitcoin Ready For Display Of Strength, But Which Direction Will It Break<\/a><\/strong><\/em><\/p>\n

With extremes on both sides, a target more steeped in reality is instead likely. Bitcoin won’t reach $400,000 or more this cycle, nor will it plunge to below $3,000.<\/p>\n

In fact, using history as a guide, the price per BTC should never fall below $14,000 again.<\/p>\n

Why $14,000 Could Be The Fundamental Price Floor For Bitcoin<\/h2>\n

$14,000 was the high of the last major bullish impulse which peaked in June 2019. Bitcoin went on a tear when it finally broke through that resistance level in late 2020<\/a>.<\/p>\n

The price per coin climbed more than four times from there, but is now headed back downward almost as fast as it made it to new highs.<\/p>\n

As for how far the leading cryptocurrency by market cap might fall, the lowest point should be no more than $14,000 for fundamental reasons. The cost of producing each coin<\/a> is currently around that price for most miners, to as expensive as around $22,000.<\/p>\n

\"bitcoin<\/p>\n

The fundament price floor in BTC visualized | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Past bear phases all eventually fell to the lowest floor price according to the Production Cost tool created by Charles Edwards<\/a>. Touching it again might be required for the bear phase to conclude.<\/p>\n
Related Reading | Bull Signal From Bitcoin Bottom Is Best Hope Yet For Continuation<\/a><\/strong><\/em><\/p>\n
At the same time, Edwards’ Hash Ribbons tool is starting to round upward and could soon give the most profitable buy signal<\/a> in crypto history.<\/p>\n
\"\"<\/p>\n
Elliott Wave Principle backs up the theory | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Adding more credence to the theory that $14,000 is the price floor, is Elliott Wave Principle<\/a>. The study suggests that a “wave four” will never fall into the price territory of “wave one.” If the June 2019 peak was wave one, the practice says for the fourth wave to be valid, these conditions must be met.<\/p>\n
After a wave four, comes the grand finale wave five, which should send Bitcoin to the higher side of the speculative targets commonly discussed.<\/p>\n
Follow <\/i>@TonySpilotro on Twitter<\/a> or via <\/i>the TonyTrades Telegram<\/a>. Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/p>\n
Featured image from iStockPhotos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is at a critical inflection point according to most analysts across the market, either ready to lose support and fall deep into a bear market, or about to climb to new highs \u2013 nothing in between. Those on the bearish side of the fence are already calling for lows under $10,000 and others suggesting a deeper decline than Black Thursday. However, one important piece of data suggests that the absolute price floor for BTC, is around $14,000 per coin. Here’s why. Speculating On The Crypto Correction And Potential Cycle Targets Crypto traders are an egotistical bunch. When they’re not shitposting and sharing memes online, they’re posting screenshots of their unrealized PnL amounting in the millions and the hindsight charts that made them rich. As a speculative market, participants are often seen rightfully speculating, predicting prices of hundreds of thousands per coin in the future, or projecting a fall to new lows. Related Reading | Bitcoin Ready For Display Of Strength, But Which Direction Will It Break With extremes on both sides, a target more steeped in reality is instead likely. Bitcoin won’t reach $400,000 or more this cycle, nor will it plunge to below $3,000. In fact, using history as a guide, the price per BTC should never fall below $14,000 again. Why $14,000 Could Be The Fundamental Price Floor For Bitcoin $14,000 was the high of the last major bullish impulse which peaked in June 2019. Bitcoin went on a tear when it finally broke through that resistance level in late 2020. The price per coin climbed more than four times from there, but is now headed back downward almost as fast as it made it to new highs. As for how far the leading cryptocurrency by market cap might fall, the lowest point should be no more than $14,000 for fundamental reasons. The cost of producing each coin is currently around that price for most miners, to as expensive as around $22,000. The fundament price floor in BTC visualized | Source: BTCUSD on TradingView.com Past bear phases all eventually fell to the lowest floor price according to the Production Cost tool created by Charles Edwards. Touching it again might be required for the bear phase to conclude. Related Reading | Bull Signal From Bitcoin Bottom Is Best Hope Yet For Continuation At the same time, Edwards’ Hash Ribbons tool is starting to round upward and could soon give the most profitable buy signal in crypto history. Elliott Wave Principle backs up the theory | Source: BTCUSD on TradingView.com Adding more credence to the theory that $14,000 is the price floor, is Elliott Wave Principle. The study suggests that a “wave four” will never fall into the price territory of “wave one.” If the June 2019 peak was wave one, the practice says for the fourth wave to be valid, these conditions must be met. After a wave four, comes the grand finale wave five, which should send Bitcoin to the higher side of the speculative targets commonly discussed. Follow @TonySpilotro on Twitter or via the TonyTrades Telegram. Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhotos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":467129,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-467115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nProduction Cost: Why $14K Is Likely The Absolute Floor For Bitcoin<\/title>\n<meta name=\"description\" content=\"Bitcoin price is at a critical inflection point according to most analysts across the market, either ready to lose support and fall deep into a bear\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Production Cost: Why $14K Is Likely The Absolute Floor For Bitcoin","url":"http:\/\/wncen.com\/news\/production-cost-14k-floor-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/production-cost-14k-floor-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/bitcoin-floor-ground-bottom-iStock-1314151928.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/bitcoin-floor-ground-bottom-iStock-1314151928.jpeg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2021-07-08T20:00:46Z","datePublished":"2021-07-08T20:00:46Z","dateModified":"2024-06-11T08:45:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Production Cost: Why $14K Is Likely The Absolute Floor For Bitcoin\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/production-cost-14k-floor-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/production-cost-14k-floor-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/bitcoin-floor-ground-bottom-iStock-1314151928.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/bitcoin-floor-ground-bottom-iStock-1314151928.jpeg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-07-08T20:00:46Z\",\"datePublished\":\"2021-07-08T20:00:46Z\",\"dateModified\":\"2024-06-11T08:45:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/bitcoin-floor-ground-bottom-iStock-1314151928.jpeg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/467115"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=467115"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/467115\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/467129"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=467115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=467115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=467115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}