Bitcoin just fell bellow $2000, should I sell/buy before Aug 1st?
While August first is nearing and the markets have been tumbling with a total loss of around 46 billion being wiped from the market cap in the past 4 weeks.
Bitcoin.orgs team have issued the following statement
On Wednesday, July 12, 2017, 08:00:00 GMT Bitcoin.org issued a warning in regards to the potential network disruption that may take place on July 31, 20:00:00 GMT/August 1st, 00:00 UTC.
“Bitcoin confirmation scores may become unreliable for an unknown length of time,” explains the network disruption warning. “This means that any bitcoins you receive after that time may later disappear from your wallet or be a type of bitcoin that other people will not accept as payment.”
Now, “Bitcoin confirmation scores may become unreliable for an unknown length of time,” is probably the scariest thing they've announced.
The panic selling leading up until August 1st
Bitcoins price has dropped just under the $2000 USD Major Support Level, with a likely chance we will see the price dropping to around $1800 within the next few days and a continuing downward trend.
Final thoughts
If you do decide to hold onto your bitcoins, the single most important piece of advice is this: Ensure that you control your own private keys.
If you are storing your bitcoins on an exchange or on any other service that holds your private keys for you, you may or may not eventually receive coins on both ends of the chain. In fact, if these kinds of services aren’t well-prepared, there could be scenarios where you don’t get any coins at all. So far, no exchanges have given any kind of guarantee.
To be on the safe side, avoid any transactions a day or two before, on, and shortly after August 1st. (How “shortly after” depends on what happens; it could take weeks.)
I'll probably end up buying more bitcoins myself around the 28th if the price by then is $1500 or lower and playing it out.
sources:
http://www.newsbtc.com/2017/07/16/bitcoin-price-weekly-analysis-can-btcusd-stay-2000/
https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/
I plan on buying bitcoin slowly and steadily after it drops below the $1500 mark. I honestly believe that it could even drop down to $600-1000 range eventually once all the hype dies down and amateur investors have given up on it or have to cash out for personal reasons.
I hope you are right with the 600$. but I personally think it will be $1500 lowest. The 2000$-range is already quite strong
I saw bitcoin drop to around $1950 TWICE today, the $2000 mark is just a teaser before the real correction :P
Greetings @neil-anderson, nice move joining steem!