Bitcoin is starting to look bearish.

I've been having doubts about Bitcoin this last week, my doubts are short term until more is known about what will happen for the proposed soft/hard fork on Aug 1st. There are just too many questions and I think investors are starting to get wind of it. In my opinion, Bitcoin experienced a mini crash recently as it was grinding at $2900 hoping to cross over the 3K threshold only to stall and fall short and descend back down to the $2500s. How low will it go? My guess is it can go even lower soon, but who knows? The reason I feel this way is because of the rise of ETH, there seems to be a correlation between BTC's fall and ETH's rise. Perhaps people are exchanging their BTCs for the newly hyped contender to the cryptocurrency throne in Ethereum.

A lot of cryptos took a hit this week, with only few that were swimming against stream to make their ways to higher levels, Ethereum is definitely one of those few. I really like it's technology in regards to apps and smart contracts, which gives it exponential growth as opposed to just being a currency like BTC.

Don't get me wrong, I like BTC and I think eventually it will grow again, whether it's a new form of BTC with the current one being Bitcoin Classic (BTCC) or as just BTC, if no fork occurs, the future is unlimited for cryptocurrencies as new technologies come about. But Bitcoin's current trajectory doesn't look promising in the near term. Saying all this, this is the most volatile market we have ever seen, it's extremely hard to make predictions even for the most seasoned stock person.

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