In early 2018, Fundstrat emphasized in a report that the $6,000 level will likely be held by Bitcoin in the mid-term because it is the breakeven point for miners. That means, miners that utilize electricity and mining equipment to verify transactions on the Bitcoin network can still generate some profit if the price of Bitcoin stays above the $6,000 level.
A few years ago, when Bitcoin continuously dropped, miners got angry because at 200-250$ it was not a business anymore to mine. Some have shut down. Bitcoin price didn't care and still dropped stayed down for a while.
What I want to tell is:
1. I am not sure that 6k is miners' break even. A bit high, even though I know that the difficulty rose a lot. I've heard even numbers like 1k. I guess that the truth is somewhere between 1k and 6k, unfortunately I don't know where. However, there may still be quite some room until the break even point.
2. Reaching the break even point doesn't automatically mean the trend is going to reverse, just like that. It needs an extra punch.
I don't say that the trend should not become bullish. I just say that this attempt for reasoning it is flawed.
