What that would mean for crypto miners, especially with the Harvey incoming? So I wanted to talk and explore that subject because, bien sûr, the cost of mining a Bitcoin is set to go up quite drastically following the harvick. But we did have this massive crash last week, which saw the price plummet to 3800, along with all of the rest of the market, être juste, including gold. Maintenant, aujourd'hui, bien que, Bitcoin has seen something of a rally and we're now just over 6000 100 per Bitcoin. So out, 17 and more so, are we over it, or is this just a little bit of calm before the storm? Could we see a 3500 Bitcoin yet or are we headed back to recovery and if we do head down to 3500, what does that mean for Bitcoin mining? Will this be the end of Bitcoin if it happens so let's take a look at the charts and have a look at what's going on over at coin 360, but before I do that, if you are new to the channel, please don't forget to subscribe to the Channel and of course, hit that notification powder down below to be alerted to all of our updates and, bien sûr, like this video too so let's go on over to coin 360 and take a look at what's going on in the market right now. So I should you see: the market is pretty interesting to look at right now. We'Ve got green across the board and not just any Green is real.
Strong deep green we've seen some really impressive gains this week from aetherium and Bitcoin and really is, is only over the last day that this has actually occurred. So Bitcoin is up now by over 20. Just a few seconds ago, I was telling you in we're over 6000 100. We are now at 6200 84. En réalité, probably by the table have finished this video. Maybe six thousand three or four hundred etherium, toutefois, is the star of the show embedded Superion that led the way. Funny enough. We saw a fear IAM up in price today and it's now, 21 higher than it was yesterday, with it being 1' dollars and 36 cents right now. If you're, a member of that telegram group you'll know that last week I did put out a message saying that I was expecting some sort of rally in bitcoins price at the beginning of the week now. The reason for that was that measures were coming in from a lot of the governments, especially america and the united kingdom, that were going to help out businesses, and i thought that this was a sign that we could see. People start to buy back into stocks, because obviously the prices have never been better and i thought that that would also translate across the bitcoin monday came along and I did think I was a bit worried. I thought I'd cooled things wrong, because of course we didn't see any actual real positive movement in bitcoins price to do.
En réalité, it just ranged for a few days, but today the price has really shot up, including that theorem and the rest of the market as well. So if you did buy at 3800, well you'll be laughing well done to those of you. Who did that? I do think there's still a good potential, that the price will go back down again and the reason for that is the coronavirus situation has not been resolved. There is still going to be a lot of more pain. I think for the market coming forward, but we'll take the games where we can. Certainly, though I do think we need to be wary that you know these may just be temporary, it might just be a temporary reprieve in the market. So do please set stop. Losses. Are very very close for the next week or so so, like I said, we are going to go and take a look at some of the risks that coronavirus might actually pose towards Bitcoin with the halving coming up. But before that, I think it's worth taking a look at the chart for Bitcoin just to see what's happening on the actual daily timeframe. Alors, as you can see here guys, we were ranging in the sort of five thousand dollar range, and then it is literally today that the price popped up. We do look like we're attempting for higher, though I will point out. Volume is better than it has been prior to this crash.
toutefois, bien que, I do want to point out that it's still nowhere near as strong as it was on the first two days of this crash, and if we take a look at the actual stochastic RSI, you can see that there has been a bullish crossover there into The neutral zone – and there does look like there – could be fair games, but just be aware, but it is about to reach this 60 line on the actual stochastic RSI and where we saw an actual bearish crossover prior to this full on crash and dump. It does show that there is potentially more growth in the price to come on this indicator, particularly, but just I would be careful and hold on to your horses, it's, also worth pointing out as well that the 50 day and the 200 day moving averages. They haven't had a deaf crossover, which I said in the last video. There was potential there that, within weeks of an actual golden crossover, we could see a deaf cross that hasn't happened, and if the price can continue to grow, we may even be able to avoid that now. Bien sûr, the question will be what's, causing this spike in bitcoins price. It could well be that, because the American and British governments are actually pumping more money into the actual system, we could be seeing people move money into Bitcoin, knowing that eventually the pound and the dollar will be devalued by the quantitative easing that's, probably more than likely Going to come down the line, but also, if we see here, though headlines in the sidebar here that there's actually been a really big spike in the purchase of Bitcoin from Venezuela.
Now you know that we saw with the economic problems they're having that people were interested in Bitcoin in there, and it turns out that banks are struggling over in Venezuela and we have had a surge in buyers over there and it makes kind of sense. I mean people have their have been interested in Bitcoin for quite a while, and of course now the price has been the lowest spin for a while. Perhaps people over in Venezuela are actually seeing. This is a really good buying opportunity. I think that one thing to point out about Venezuela is that people in Venezuela they've been going without toilet roll and without a lot of the essentials that we are missing out on here, because of coronavirus they've been going without those for a lot longer. Thanks to the economic struggles, their country's been going through, so for them, this whole situation is wrongly business as usual, and then maybe they seeing this is a great opportunity for them to be buying in to Bitcoin. Now it has been said that peer to peer Bitcoin purchases, using local bitcoins, is through the roof in Venezuela, so it could definitely be that this spike is just a case of people getting on board with Bitcoin, while they have the opportunity they're seeing the price rise. This much, bien que, may be enough to encourage people in the West to actually start buying up some Bitcoin too, so it could be that we start to see Bitcoin come into its own now as the sort of safety net that we've fought, you know it's the safe Haven asset that we thought it would be, but I am still being very cautious on that.
Like I said just because Venezuela is buying up a lot of Bitcoin doesn't mean that this is going to be sustained, and I do think that the slightest bit of bad news from America or from the United Kingdom is going to have an impact on bitcoins price. So I would just be very cautious on this right now, so with the effects occurring virus across the globe being felt and the economic impact it's having one of the things that we've noticed is that actually mining difficulties have begin to drop for Bitcoin. Maintenant. This is in part due to the fact that China have been closing down mining farms in the country in this article over lccn there's, a quote here from someone who was running a mining farm in China who said that the government, the police actually came and shut Them down to avoid the spread of coronavirus, and as you see here in the article, they say that China dominates the market when it comes to Bitcoin money and they actually make up 65 of the mining power on the network. So the fact that they're being shut down here is having a drastic effect on the difficulty rating, and they say in the article here it's meant that some retail miners have been able to actually get a slice of the action. Although I still think that the difficulty levels are still so high that it's going to be still very hard for anybody, you running a mining file outside one of these countries with very cheap electricity.
I think it's also worth pointing out that China still is not a big fan of Bitcoin, or at least the Chinese government are not big fans of Bitcoin, so perhaps they're seeing this is our opportunity to try and curb some of the blockchain related stuff going on. In country now talking about the actual costs of mining, a Bitcoin, currently it actually costs just over six thousand dollars to mine, a single Bitcoin with some estimating that a break even price for bickering is actually between 6000 et 8000 dollars. So currently, even with the price. Having that boost today, it's still more expensive to mine, a Bitcoin than it is to actually sell one, and I can only think that people were panicking as the price hit 3800 just last week. But if you thought that that was expensive, just wait till you hear what the figures are for. Bitcoins mining cost after the harvan kicks in, as you can see here in this article over on trade block comm, the pre having price of a break even cost for a Bitcoin to be mined is six thousand eight hundred and fifty one dollars after the post. Having price is going to be fifteen thousand and sixty two dollars per Bitcoin now that means the bickering should go up to over fifteen thousand dollars right if that's, what it costs to mine, surely that's, where the price will actually end up being, but no it's, not The case, unfortunately, we obviously have to consider that a lot of bitcoins were mined pre.
Having a lot of the bitcoins. I have in mind when the price of Bitcoin to mine. It was a lot lower, which means that there are still people out there holding Bitcoin who can afford to sell it at much lower prices without making a loss, and that could have a massive impact. The actual profitability of mining on this network – and it does bring up some questions about what actually happens if it becomes too expensive to actually secure the network. There is a further article here over on Queen desk. You can see where it talks about bitcoins mining difficulty stagnating because of her. My interesting, the odds we hear says it's, because the outbreak has delayed the production of new equipment that's, actually a really good point to consider we've seen that effect on the markets. With regards to electronic devices such as games consoles and VR, headsets and consumer electronics of all kinds being delayed, because China has had to shut a lot of its factories. bien, where are most miners actually produced? You see in China? So that is a very good point to consider. One thing that a lot of miners do, which we do need to be really aware of, is shorting Bitcoin, so Chinese miners are notorious for shorting Bitcoin on the markets to hedge against falling prices. If they're going to actually find the difficulty rating got to where each Bitcoin costs 15000 to to actually produce, we could actually see those our miners actually short sell Bitcoin in order to try and cover the losses that they're going to be expecting as you've.
Seen from this article, this was back in December of 2018 when we were seeing the price of Bitcoin head down to actually see here. In this comment, the miner says, if I mined 30 coins in the next month, while the price may continue to fall by another 10. According to the current trend, I shall place a short order on the exchange to sell them at the current price, but deliver them. One month later ginseng, so I think that we could see that happen again now if the markets are looking uncertain and if the price of actually producing a Bitcoin is going to go up, we could actually see more short selling, though I do think there will come A point where short selling won't be profitable and they will have to actually start selling Bitcoin at a much higher price, otherwise there's a risk that they may just drive bitcoins price into the ground. The only thing I can say with certainty is that there is no certainty right now. Things are all up in the air. Oui, Bitcoin is doing really well today of long with the rest of the market, but it could be short lived. This could just be Venezuela having its effect on the market and and if people don't jump on board from other con is that it will be a short lived to reprieve. It would only take another bit of bad news for the market to actually come back down again.
So what the very least sell your stop loss is really really close in this situation. Now I will be doing an actual price analysis on Tuesdays to do tune in, for that so guys, don't forget to like this video and, of course subscribe hit that notification bell, so you'll be updated to the next video. What do you guys think is bitcoins price gon na head to three thousand five hundred dollars and could it survive if, par exemple, mining became unprofitable? Let me know what your thoughts are in the comments down below. Comme toujours, ce n'est pas des conseils financiers. You should always do your own research for fresh crypto content.