@GazMema, might rise with BTC but I dont think LTCBTC looks that great
GazMema
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@PantaiSSEY, vs usd
Makingithappen
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Thanks for sharing. Just some constructive feedback. Your elliott wave counts appear to be off. Waves 1 and 2 have to be a certain distance apart. Your first 1 and 2's are almost parallel at the top. Your 2nd 2 wave at the end seems like it is mis places also. I see the 2 being at the top of the second double top. We breached the 200 day moving average which only happened once. The market will go lower 2300-3500 before making it bull run. ( I believe).
GazMema
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@Makingithappen, mining 1 btc costs 4k electricity alone, forget about amortization and other costs so, you will never see a price under 5.5-6k
Makingithappen
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@GazMema, Time reveals all. I have learned in life to never say Never about anything. I do know that the market does not care about the cost of electricity. and if btc becomes cost prohibitive there are other cryptos that are willing to step up and happy to fill transaction demand. A more likely scenario is that the hashrate drops and it becomes cheaper to mine. mining operations using energy efficient technology like solar panels could also dominate, however be careful with the logic of the price can't drop because of mining costs.. As the market can drop and let the miners adjust which they will or the technology will adjust as proof of stake and distance is a much better way to confirm transactions than mining. Good luck to all.
apestuffape
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@Makingithappen, Miners will keep mining as they believe in the tech behind it but wont distribute, that way more and more BTC falls in long term holders pockets meaning accumulation will get weaker and weaker. Yes it could go below cost price but not for a longer period.
it didn't hit bottom. when it does, you will see huge volume.