The breakeven point for miners is a critical factor. Some will cave, and others will hang in there. As those who throw in the towel grows, the difficulty to mine will fall accordingly, and that will bring down the breakeven level as rewards go up relative to the cost to mine. The Feb. 6 low of $5,873 basis CoinBase is still the figure to watch. If price breaks that level, a flash crash is certainly in the cards.
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That might happen as well! If we break that level, we will probably break 244 billion market cap support as well. All hell will break loose.
Of subject: are you a football fan? I mean World Cup. There is a contest going on, it’s still on. It’s orginized by @blocktrades, @acidyo and @anomadsoul. There is 2k Steem price for the winner. Already record breaking participation. I’m your follower and if you are a football fan I would hate it if you missed it and I wouldn’t let you know. This might relax our minds a bit from this stressful crypto bear market 😆.
Thanks for the heads up. Looks like fun. Surely a great way to motivate ourselves to follow it a little closer! Got my post up just in the nick of time.
Edit: looks like I missed the deadline. Shows you just how out-of-touch I am. 😖