2017-07-16]Buckle Up: Bitcoin Price Heads For Below $2,000 As August 1 Nears

[TravelMug]

Buckle Up: Bitcoin Price Heads For Below $2,000 As August 1 Nears

Bitcoin has fallen almost 12 percent in 24 hours as the reality of the Aug. 1 scaling deadline unsettles markets.

Current trade prices according to Coinmarketcap, which averages readings from across major exchanges, shows Bitcoin at $2,076 - its lowest price for two months.

The knock-on effects for altcoins in the top 10 were as palpable as ever, with Ethereum, Litecoin and others following Bitcoin downhill.

Ethereum has fared particularly badly over the past week, with monthly losses to its market cap now nearly $18 bln.

As always, internal reactions with cryptocurrency were mixed, some despairing while others are eyeing a keen buying opportunity.

https://cointelegraph.com/news/buckle-up-bitcoin-price-heads-for-below-2000-as-august-1-nears

[Kemarit]

Thanks for the advise. But I think most of us here are really holding. Although we didn't saw that the price could go down like this in the last couple of days. I think its forthcoming. Aug 1 really causes panic and worries to a lot of people, thinking that selling is the easy way out because of this uncertainty. But based on what I'm seeing around the forum. Most of the members are holding and even buying back bitcoin because we truly believes that bitcoin will soar again after this Aug 1 activation. And those who are selling are not seeing this. They are just here for a quick buck which bitcoin cannot offer, it is better to hold it for long term investment.

[richardsNY]

I thought the $2000 level would receive more global support, but it didn't hold unfortunately. In the coming days well be going through an interesting time, with the official SegWit2X signalling starting next week. If everything goes as planned, we'll see the 2X proposal get activated before the first of August. I just wonder how the market will react at that moment, as not everyone is in favor of 2X activation. I seriously hope that we can get past this scaling theater smoothly, and move on with a stronger and more capable Bitcoin. No one is interested in any kind of harming consequences of a potential chain split....

[panju1]

The last time there was so much hype and fear was when the SEC was considering the ETF. People thought that the price would crash if the SEC rejected the ETF proposal. However, that passed and Bitcoin continued its upward rise.

[monocolor]

it's ok to be below $2000, not that long ago it was below $1000. The possible worst case is a hardfork, but we get stake in each of the forked blockchain, which is not that bad anyway.

[1Referee]

it's ok to be below $2000, not that long ago it was below $1000. The possible worst case is a hardfork

I don't see why hard forks are causing so much fear throughout the entire community. If Segwit2x happens to activate, and it is very likely that this is going to happen, after a month or three a hard fork will follow - it's unavoidable. You should look through all the barking coming from miners threatening to fork off, and all the fud that is coming from drama loving trolls. Miners won't just fork off as it may result in their operations to suffer from a massive financial blow.

but we get stake in each of the forked blockchain, which is not that bad anyway.

If you make sure you store everything off-exchange, or basically off-any service, you'll have value in both chains, correct.

[Kprawn]

The price is crashing because people are moving their coins off exchanges and this leads to a decline in the trade volumes. The bitcoins is still

there, but it is not in circulation. If the exchanges will support both chains { if a split happens } ...people will not be this trigger happy. Expect to

see fireworks once this scaling is sorted out. { Just remember that this is a natural thing that is happening... it was designed to give people with

full nodes the option to choose what software they want to run. Consensus is a bitch, and you are seeing this in motion now. } 

[veleten]

The price is crashing because people are moving their coins off exchanges and this leads to a decline in the trade volumes. The bitcoins is still

there, but it is not in circulation. If the exchanges will support both chains { if a split happens } ...people will not be this trigger happy. Expect to

see fireworks once this scaling is sorted out. { Just remember that this is a natural thing that is happening... it was designed to give people with

full nodes the option to choose what software they want to run. Consensus is a bitch, and you are seeing this in motion now. } 

it is one of the main problems,yes people are either moving the coins out or plain selling them
the volumes were pretty high for the past 3-4 days suggesting that people do sell
one more problem is that exchanges do not present their contingency plan or explain how will they manage the possible fork
so users are withdrawing to the wallets of which they control private keys and the uncertainty is killing the price

[bouren]

The price is crashing because people are moving their coins off exchanges and this leads to a decline in the trade volumes. The bitcoins is still

there, but it is not in circulation. If the exchanges will support both chains { if a split happens } ...people will not be this trigger happy. Expect to

see fireworks once this scaling is sorted out. { Just remember that this is a natural thing that is happening... it was designed to give people with

full nodes the option to choose what software they want to run. Consensus is a bitch, and you are seeing this in motion now. } 

it is one of the main problems,yes people are either moving the coins out or plain selling them
the volumes were pretty high for the past 3-4 days suggesting that people do sell
one more problem is that exchanges do not present their contingency plan or explain how will they manage the possible fork
so users are withdrawing to the wallets of which they control private keys and the uncertainty is killing the price

And how would you explain the today's scenario when every coin is rising including bitcoin which surge again above $2000 and heading towards $2.1k. Bitcoin ecosystem is not that simple as we consider it to be. Possible fork could hardly affect market that early, we would see its affect after week at least. Currently it is just random movement including mass exclusion of holders. But today again position is normal.

[Kprawn]

The price is crashing because people are moving their coins off exchanges and this leads to a decline in the trade volumes. The bitcoins is still

there, but it is not in circulation. If the exchanges will support both chains { if a split happens } ...people will not be this trigger happy. Expect to

see fireworks once this scaling is sorted out. { Just remember that this is a natural thing that is happening... it was designed to give people with

full nodes the option to choose what software they want to run. Consensus is a bitch, and you are seeing this in motion now. } 

it is one of the main problems,yes people are either moving the coins out or plain selling them
the volumes were pretty high for the past 3-4 days suggesting that people do sell
one more problem is that exchanges do not present their contingency plan or explain how will they manage the possible fork
so users are withdrawing to the wallets of which they control private keys and the uncertainty is killing the price

And how would you explain the today's scenario when every coin is rising including bitcoin which surge again above $2000 and heading towards $2.1k. Bitcoin ecosystem is not that simple as we consider it to be. Possible fork could hardly affect market that early, we would see its affect after week at least. Currently it is just random movement including mass exclusion of holders. But today again position is normal.

Easy to explain, people are starting to buy again, because they want to cash in on the profits that might be made, if the price goes to $3000 or

higher. If you buy on the turn, you make the biggest profits. If you wait too long, you reduce your profit margins. A lot of people also know that

Coinbase are having some problems with their system {paying fees that are almost 100x higher than the suggested fee} and it might be closed,

when people want to buy, so they are buying again now. I bought again this morning, to avoid the queues. 

[iamTom123]

There is no question that it is still August 1 which caused a strong jitters all across the cryptocurrency market. It breached the psychological $2,000 level and going below that one before returning back to the former level and now is staying in the $2,063 value.

In the next few days, I am expecting Bitcoin to be moving downwards as there is a continuing feeling of fear and apprehension everywhere. Not unless something dramatic can happen, of course.

How I wish that we can fast-track August 1 so that we can all move on and if there would be a mess then we can all start clearing the debris.

[Kemarit]

There is no question that it is still August 1 which caused a strong jitters all across the cryptocurrency market. It breached the psychological $2,000 level and going below that one before returning back to the former level and now is staying in the $2,063 value.

In the next few days, I am expecting Bitcoin to be moving downwards as there is a continuing feeling of fear and apprehension everywhere. Not unless something dramatic can happen, of course.

How I wish that we can fast-track August 1 so that we can all move on and if there would be a mess then we can all start clearing the debris.

I'm with you. I wanted to see Aug 1 is tomorrow already so that all this panic and uncertainty will be answered once and for all. But I guess we are going to see a lot of worries and negativity because its like 2 more weeks before the dreaded date in bitcoin history.

Currently, the price is going good at $2100, which means a lot of people see that its a good opportunity to accumulate more when bitcoin hit below $1900 a few days back. But I'm expecting that the price could go down again once we are nearing Aug 1. But when everything settles, I'm expecting the price to recover. Let just wait and see and have patience everyone.