Is Bitcoin headed for another breakout?

*Always do your own research before investing and never invest more than you can afford to lose.

The past month has been quite a ride for Bitcoin investors and crypto holders alike! We saw an all-time high of over $3000 on some exchanges on June 11th 2017 quickly followed by a sell off which saw a bottom of $2046 by June 15th. The following weeks were rocky as BTC tested and re-tested its support and resistance zones of 2300 and 2600 respectively.

The question is where is Bitcoin headed next? Some technical analysts predict prices in the $5000 range for the near term, and once Segwit2x is adopted and settles in the price may very well take a bullish swing towards $3000 again. However, if there is wide spread panic upon a potential hardfork then Bitcoin and possibly the two forks that result will take a hit diving down to the mid to low 1000's. Remember that Bitcoin's price is very easily influenced by the news and media. Keep an eye on the BTC news daily to get an idea of which direction we are headed in the next month because there is still a lot up in the air.

For those of you who haven't been paying much attention to Bitcoin, the potential hardfork would give every person that already owns Bitcoin two different coins - "Bitcoin Core" and "Bitcoin Unlimited". On one hand it would be smart to buy some BTC just in case so you will eventually have twice the coins (at different prices of course). On the other hand the prices of both currencies will most likely drop in the short term as investor confidence falls and I predict a fall in BTC dominance (market cap) as a result. You will see a rise in other altcoin popularity and investment if this happens, likely Ethereum, Litecoin, and Ripple and Ethereum markets may very well see the "flippening" that they have been waiting for.

Investors are worried that we have already capped out and the market is headed for a long term sell off, but I think a short term breakout is going to happen if the community can keep BTC united and solve its problems without splitting. There is so much innovation and a constant stream of new investors pouring into crypto currency right now. We are in a rut I guess you could say and if we gain enough momentum to keep going then BTC is going to breakout to 3-4K very easily over the next few months!