BTC Under $2k! Crypto Fire Sale In Progress! What it going on?
Bitcoin is about to go through a very bumpy road, but does this mean the end of Bitcoin or even the entire cryptocurrency market? I tend to believe FUD is being spread far to quickly after the recent HUGE rally we had earlier this year! Although there are many technical reasons Bitcoin may experience some issues in the near term (see link below for details), there is no reason to doubt that it will fail, let alone the entire cryptocurrency community/markets!
Here is my opinion. Miners have just a few more weeks left to converge on a single chain/path and will either wait until the last moment possible to do so OR we will see an intentional split caused by the major players. If you are mining a coin you know how your worst nightmare is a fire destroying your entire setup! Purposely destroying BTC (which is sha256 hashing) would result in their rigs becoming near worthless!
In conclusion I feel the widespread panic is simply more of the same. The cycle repeats as follows:
- Hype is pushed around driving new highs that were just doubted a few weeks prior by the majority.
- Traders and those on the "inside" or with agendas begin to sell off slowly.
- FUD is spread leading to massive sell offs by the majority that bought in during phase 2.
- People from phase 2 rebuy the long term valuable coins and begin phase 1 again!
Thanks all for reading hope this helps a bit! Make sure to read this article as well it goes in to the more technical aspects of what is going on this next month!
https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/
Heck ya!
Great insights, going to be interesting what happens on August 1 and how it goes from there.
agreed I have all my BTC in a secure wallet offline until at least september. I am just going to wait this out forks or not!
Good post with a lot of information! Thanks!