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“There’s more blood to come,” Ran Neu-Ner, host of CNBC Africa’s "Crypto Trader” and founder of OnChain Capita, warned Tuesday on the show "Fast Money."
The caution comes in the midst of Bitcoin (BTC) falling below the $6,000 mark, with the cryptocurrency currently trading at $5,875 as of this writing. Neu-Ner predicted that a bear market has a 60 percent chance to persist, while a bull market has a mere 16 percent chance, CNBC reported.
"Right now my money is on the market continuing to go down," the OnChain Capita founder said. He went on to say that if his speculation holds true, a new low will be seen by the cryptocurrency, which he estimates to be around the $5,350 mark.
Neu-Ner has had a bleak outlook for Bitcoin for some time now, saying that the cryptocurrency could fall to as low as $5,000. If it does, miners could potentially throw their hands up and switch off their rigs as this threshold marks the line where mining costs will outweigh production gains.
At least, this is what Neu-Ner predicts, which is quite generous of him since others have said that the $8,000 threshold is where mining Bitcoin becomes impractical. He added that cryptocurrency will fall to $5,350 “in the next week or so.”
While the CNBC host’s prediction is grim, he explained that Bitcoin is an unwise investment only for those who are in the market in the short term. However, bull traders should look at the situation and think of long-term investment.
"If you understand the technology and you're a bull, then now is a great time to be buying," Neu-Ner said. "The blockchain is progressing and this thing isn't going away," he said.
As for the trader’s next bet, he’s considering throwing his hat either on NEO or Cardano. He added that the latter, which runs on a blockchain protocol, is highly undervalued.
