I think that it probably won't go down to single digit. With the current mining difficulty, it will cost more for miner's electricity to mine them. So, miners will not sell below their electricity cost.
That argument is very flawed. It would be as arguing that a stock can not fall below e. g. $100 because so many people bought at that price so they won't sell it below. Well my 15+ years experience in the stock market tells me a little different...
I have to support that there is a basic flaw in the argument (I agree on that point), but the issue isn't whether or not miners will stop investing... they own their machines, and if they're making enough to justify the support cost, they'll either continue mining (ignoring the exchange) or they'll stop mining (because it's no longer worthwhile).
Facts are simple: people DO lose money when they panic sell. Most do in fact sell to "cut losses" instead of holding onto what they have. In the words of a wise investor I once met: "What goes down must come up."
I'm just glad that this opportunity is here right now, if it keeps dropping I'll have some serious means to snap up some Bitcoins.
yes i agree... i did a panic sell before and it was a bad choice as two days later the price rocketed. Price to my opinion will never drop to single digit. Unless they're people manipulating the market. Like in 2007 where all the dollars in the stock market were redirected to housing which caused the severe market crash. Just my 2cents. Really hope it doesn't drop to a single digit and i think it wont in any recent time
