So should you buy BTC at 7000? Bitcoin bubbled in 2018 as we saw prices soar to 18,000, we are currently around the 7000 and major support at 6500. If we break below 6500 then the bulls will be in control and we could see BTC drop to 5000.
There should be support at 5000 and even more institutional interest at that price. Having said that, bitcoin miners are able to effectively make a profit at 6500. So if bitcoin is under this level you’ll see many miners stop mining because the costs outweigh the benefits.
Now recently there has been a lot of talk about the bitcoin halving in may of 2020 that will reduce the amount of bitcoin earned for each mined bitcoin. This “halving” is supposed to create more demand.
In the past we’ve seen bitcoin go up three or four times before and after the previous halvings, so before there is FOMO, or the fear of missing out, it’s time to buy as many bitcoin as you can.
If you are very risk averse, then you can buy bitcoin at these levels around 7000 and sell it all if it goes below 6400. Otherwise we may see bitcoin go to 18000 if it surpasses 10500, like in a jiffy. I am psychic so I am telling you that I feel that bitcoin will go higher. The date today is December 23rd 2019.