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Even it seemed unlikely, bitcoin has attacked the 6000$ border in the past few days. It caused a big attention in the media and brought a lot of pain especially to the altcoins holders. Why did that happen?

In addition to the explanation that bitcoin is still on course and the demand is not stopped, particularly from Japan, the fork(s) can play here its role.

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Free money from the fork lures you for more purchases

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Let’s remind the recent Bitcoin Cash fork. Bitcoin Cash certainly did not bring anything new and Bitcoin was not endangered by it. Still, it can be said that it was great. After all, a lot of people came up with nice money, after they managed to claim (and sell) their BCH tokens.

And there is a similar possibility again, whether is it Bitcoin Gold or Segwitx2. Free money is attractive and we can expect that many other users will be attracted this time so they can have some bitcoins in their wallets at the time of the fork, too.

I dare to guess that the growth is not over. The right finish can happen a few hours before the fork. Technically, the price of Bitcoin may rise up to about 7000$, where he will be looking for the peak. However, price movements may show high volatility. As in one day, the bitcoin could rise upwards by 1000 USD and the next day could fall and return to its original place again. This is not a good environment, especially for the leverage traders. So I recommend you to hodl and not to speculate.

About the upcoming fork, I personally do not promise much of it. I definitely do not think it would be a “big success” like BCH. It may happen that in that event the network will not work properly for some time and if it comes together with the price drop, even the transferring bitcoins to the exchanges could be a problem.

I will personally hold the following layout: 2/3 of the budget in the TREZOR, 1/3 on the stock as collateral. If there is a fall after the fork, then it is enough to open a short of 2/3, so I can sell the whole wallet without having to move it to the stock market. However, it can be assumed that more traders will be prepared for this and that could increase the interest rates on bitcoins, as it did last time when loans reached up to 1% per day.

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Stock market and interest rates on lending and the final recommendation

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OKEX: 57% votes for long, 33% volume in longs and 24% in shorts

Bitfinex - 30 000 BTC in longs and 23 000 BTC in shorts

Interest on USD rose on average to 0.2%, while interest on BTC fell to 0.0245. If you are going to long BTC, you might want to try to short some altcoin instead, because with such interest it can be expensive.

Market Depth: Bitstamp - Balanced, Bitfinex - 4: 3 Buyers, OKCoin - 2x Sellers, Kraken - Balanced.

Recommendation : For now just hold. There is a potential to reach 7000 USD. But warning against high volatility.

Disclaimer: These articles cannot be considered as investment advice, and it is still a good idea to make speculation on bitcoin stock exchanges only with funds you can afford to lose. High profit potential is balanced with a significant risk of losing, especially here on the crypto markets.

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This is an article from btctip.cz which was translated with the permission of Karel. Česká verze k mání zde.