Bitcoin is going down, and one prominent cryptocurrency analyst believes it’s still got a ways to go. Nevertheless, the upside potential — in the grand scheme of things — is still massive.

‘We May See a Very Different Game in Mining’

Ran Neu-Ner, founder and CEO of Onchain Capital and host of CNBC Africa’s “Crypto Trader,” believes Bitcoin has not found its bottom.

Neu-Ner told CNBC’s “Fast Money” earlier this week:

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.

According to Neu-Ner, $5,000 is the key level that everyone should be keeping a close eye on — and that could prove to be a turning point for those mining the first and foremost cryptocurrency:

That’s where the miners look at this and go, ‘Is it actually worth keeping the machine on?’ At about $5,000, if we don’t get a turn up, then we may see a very different game in mining.

Former Alcoa Smelting Factory Turns To Crypto Mining In Upstate NY

‘One Day This Thing is Going to Have $20 Trillion’

The cryptocurrency host also noted that the cryptocurrency market is still immature and new, so price drops and extreme volatility simply comes with the territory. He told “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].

While day traders might do well to stay away from this prolonged bear market, Neu-Ner believes that anyone who actually believes in Bitcoin and/or blockchain technology should consider buying the market leader at these prices. He explained:

If you believe in the long-term of blockchain […] It could go to 20, 30, 40, [or] 50,000. Then no one cares whether you bought it at 5 or 6.

Bitcoin (BTC) is currently trading at $6,600.76, down 3.93 percent over the last 24 hours. The market leader is down 13.37 percent over the last week.

Do you agree with Neu-Ner that Bitcoin is a good buy in the long-term? Where do you think the bottom is? Let us know in the comments below! 

Images courtesy of Shutterstock,

This article is originally written and posted on  Visit today for all Crypto News and Information.

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