Hi
I'm really struggling to see why we are already seeing a decline in BTC price due to the incoming fork.
From what I understand:
- We see an alternative crypto that has a very small likelihood of overtaking Core, as Core will be better than old BTC after the fork. Plus Core is just, well,
king. - Alternative crypto lasts a day and dies. Life goes on.
I'm surely missing something here. I'm literally ready to drain my bank accounts on the 31st of July, wait a few weeks and sell enough BTC to cover my expenses - surely leaving me with a large amount of BTC as profit?
With my current knowledge on Segwit, I can't see any reason for panic. What am I misunderstanding?
Thanks
This is mostly due to panic and the snowball effect, when Bitcoin dropped 200 in 5 or 6 hours, a lot of people panicked and quickly sold their coins, which dropped the price even lower and then people would do this again and again, dropping the price even lower. Also, some people will sell their bitcoin, just to add to the price drops and then attempt to re buy the bitcoin at a lower price. People are probably panicking right now due to the possible soft fork or hard fork that might happen recently. This is pre segwit anticipation, and Bitcoin seems to be recovering and rising back to its former glory.