Bitcoin Likely to Head Towards 5500+ After the Hard Fork
Updated
It appears that now that the Hard Fork is past us, Bitcoin is in a very bullish neutral triangle pattern. This pattern is most likely completing either now, or within the next 2 weeks, and when it does complete it should start climbing to the next major resistance around 5500 USD. In the longer-term it will likely go significantly higher than 5500, probably well over 20k by the end of next year. This will likely be one of the lowest prices we will see for Bitcoin as the general uptrend continues for the next few years. The intermediate Elliott Wave pattern is very clearly some sort of triangle, and it is very likely that this resolves up eventually. The triangle will be confirmed if we break All time high, when that happens we should gain a lot of bullish momentum and there will likely be a lot of breadth in the entire cryptocurrency market. I will be sharing which altcoins I think will be more profitable than Bitcoin to buy with my paid subscribers. While Bitcoin is going to be significantly profitable, I think many smaller coins will have much larger percent advances, meaning they will be significantly more profitable to hold than Bitcoin over the same period of time. It would not surprise me to actually see Bitcoin eventually losing its market cap dominance to some other coins, while still being an extremely profitable investment in itself.
The Hard fork itself is not really going to have a major affect on Bitcoin, it was simply the creation of a new altcoin (Bitcoin Cash) which will likely be about as successful as ETC is compared to ETH. While a significant amount of the hashing power went with Bitcoin Cash, the majority of the market stayed on the BTC chain, so not very much has changed except that there is a new altcoin with decently large market cap and hashing power. Bitcoin Cash in itself could do fairly well too, just like most cryptocurrencies. Many people are making the assumption that only one coin can survive, which is the exact same thing people said during the ETH hardfork, but the evidence clearly shows that both chains can survive, and thrive, at the same time.
The Hard fork itself is not really going to have a major affect on Bitcoin, it was simply the creation of a new altcoin (Bitcoin Cash) which will likely be about as successful as ETC is compared to ETH. While a significant amount of the hashing power went with Bitcoin Cash, the majority of the market stayed on the BTC chain, so not very much has changed except that there is a new altcoin with decently large market cap and hashing power. Bitcoin Cash in itself could do fairly well too, just like most cryptocurrencies. Many people are making the assumption that only one coin can survive, which is the exact same thing people said during the ETH hardfork, but the evidence clearly shows that both chains can survive, and thrive, at the same time.
Note
5500! :)
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