Despite of Bitcoin being down, and still going down, a cryptoanalyst does believe that it has not bottomed yet and its potential to recover is very real.
It is not the same in mining.
Founder and CEO of Onchain Capital Ran Neu-Ner trusts that Bitcoin has still a long way to go.
The CNBC Africa’s “Crypto Trader” host told CNBC’s “Fast Money” previously:
“We keep going down, and we’re testing new lows. Sixty-two-fifty is the next point- If it goes under that, we’re going to test 5,900.”
Neu-Ner stated that $5,000 could be the critical juncture for miners and that everyone should keep an eye on that.
He emphasized that the crypto market is still infantile so the volatility should not come as a surprise. He disclosed to “Fast Money:”
“We’re the internet before you had a real browser. And people are talking about a few exchange hacks. Those are to be expected from an industry that’s got a market capitalization of $300 billion; when we expect that one day this thing is going to have $20 trillion [in market cap].”
Neu-Ner, unperturbed of the lengthened bear market, urges the Bitcoin and/or blockchain technology believers that this is the best time to buy.