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Bitcoin fell below $6,000 on Thursday. According to cryptocurrency trader Ran Neu-Ner, it's likely to go even lower.
Bitcoin traded down 3.3 percent at $5,885.60 as of 6:54 a.m. ET on Friday morning.
"Right now my money is on the market continuing to go down," he said.
In fact, Neu-Ner said there's more than a 60 percent chance of a crypto bear market — compared with a 16 percent chance of a bull market.
"And a bear market means we're going to test $5,350" as the new low, the founder of OnChain Capita said.
This isn't the first time Neu-Ner has had a grim outlook for bitcoin.
But Neu-Ner said mining costs outweigh profits at around $5,000.
"That's where the miners look at this and go: 'Is it actually worth keeping the machine on?"' Neu-Ner said earlier in June. "Then we may see a very different game in mining."
Neu-Ner reiterated those comments on Thursday and said bitcoin will soon reach a point where "miners find it's not viable to mine. They're going to switch off their machines." He said many miners have already begun doing so.
As for bitcoin, the price will continue to drop. "I'm calling $5,350 in the next week or two," Neu-Ner said.
While the trader said bitcoin is not a wise investment in the near term, he said now is a good time to consider long-term investments.
"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.
But crypto investors have been on edge in recent weeks. Bitcoin fell below $6,000 earlier this month for the first time since February, leaving many to wonder if the crypto phase had indeed ended. The coin bounced back only a few days later. Still, bitcoin, the largest cryptocurrency by market cap, is nowhere near its December peak when it was priced around $19,500.
While Neu-Ner anticipates further declines in bitcoin, he still calls himself a crypto bull. To determine his next bets in the market, he's looking at blockchain technology and infrastructure.
"It's a toss up for me among two coins," he said.
Those two coins are neo, the currency used for a Chinese platform similar to ethereum, and Cardano's Ada cryptocurrency.
"It's a blockchain protocol," Neu-Ner said, referring to the Cardano system. "Which I think is highly undervalued."
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