Bitcoin will fall to $5,873; or it will go to $91,000; or both

Bitcoin will fall to $5,873; or it will go to $91,000; or both

Everyone has the answers

Trading Bitcoin is like walking into a religious bookstore. You can choose any god or guru you want and they all have the answers.

Fundstrat has managed to grab some headlines to day with both worries and optimism. They say Bitcoin “will only show signs of bottoming closer to $5,873” which is an oddly specific number in a market where few can agree on exactly what the price is at any given time.

They say the next support level to watch is $7535.

Fundstrat does make two constructive points. They estimate that the breakeven mining cost is at $8038, although I’m not sure how much that matters because it widely varies depending on where you get your electricity.

Secondly, they look at seasonals which are poor in March but in April prices have risen in 5 of the past 7 years.

Even better for the bulls is that Fundstrat continues to see Bitcoin hitting $91,000 in 2020.

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