If Bitcoin closes below the 200 day MA for more than a couple days we may see a rapid sell off to the 6500 level.
The question is after we find support will BTC consolidate sideways for half a year or will we see another bull run into double digits again.
One thing for certain is that the energy consumption of the Bitcoin network is unsustainable by any metric.
Network consuming as much energy as Singapore.
Consuming approx 550 KWh per transaction (not per block, per transaction).
550 KWh is enough to charge a Tesla P100D (the bad boy) up 5 and a half times (you see that math).
The Fundamentals are saying SELL!
...wait what fundamentals...
The question is after we find support will BTC consolidate sideways for half a year or will we see another bull run into double digits again.
One thing for certain is that the energy consumption of the Bitcoin network is unsustainable by any metric.
Network consuming as much energy as Singapore.
Consuming approx 550 KWh per transaction (not per block, per transaction).
550 KWh is enough to charge a Tesla P100D (the bad boy) up 5 and a half times (you see that math).
The Fundamentals are saying SELL!
...wait what fundamentals...