[2017-06-24] Bitcoin Price Stabilizes at $2,700, Another Surge Imminent?

[moriskarlov]

After a major market correction which sent bitcoin price from its all-time high of $2,973 to $2,261, bitcoin price has stabilized at the $2,700 region.

Since the June 14 fall to $2,261, bitcoin price has since recovered and stabilized at $2,730. Since June 18, for nearly a week, bitcoin price maintained its upward momentum and sustained its price in the $2,700 region.

Tone Vays, prominent bitcoin trader and consultant, stated that he foresees a breakout with the activation of the Bitcoin Core development team’s transaction malleability fix Segregated Witness (Segwit) imminent.

Segwit imminent?

Over the past few weeks, bitcoin price has been relatively volatile due to the controversial announcement of Bitmain, the largest bitcoin mining equipment manufacturer and operator of Antpool, to run a hard fork when Segwit activates without a condition such as a guaranteed 2MB hard fork.

Hard fork threat

On June 14, Bitmain released an official blog post entitled “A contingency plan against UASF,” which laid out the company’s plan to force the execution of a hard fork with Segwit activates through a user-activated soft fork (UASF).

“We wish that New York agreement will be developed and carried out well. It is the last hope for Bitcoin to scale unitedly in face of the BIP148 threat. We will try our best to deploy and activate it as soon as possible. If BIP148 activates. then UAHF will be alive on the same day. The UAHF chain will protect the economic transactions that are under risk of reorganization because of UASF,” read Bitmain’s blog post.

Coincidentally, almost immediately after the release of Bitmain’s blog post which the vast majority of the community accepted as a hard fork threat to Segwit supporters, bitcoin price fell amidst uncertainty surrounding chain split.

Two bitcoins expectations 

If a hard fork as explained by Bitmain’s blog post is executed, it will undoubtedly be a contentious hard fork that will ultimately lead to two persistent bitcoin blockchains. Due to this uncertainty and a minor market correction, bitcoin price fell.

However, analysts including Vays are optimistic in regard to bitcoin’s recent price trend and are expecting a breakout.

Cointelegraph emphasized in several extensive coverage of bitcoin price that bitcoin’s value has had always bounced back beyond its previous all-time highs and peaks after a major market correction. Based on the current upward momentum, it is possible that the same trend will apply and bitcoin price will hit a new all-time high in the upcoming weeks.

https://cointelegraph.com/news/bitcoin-price-stabilizes-at-2700-another-surge-imminent

[Kemarit]

Right now the current price is just a shade above $2600. It has been like this for the past 3 days of so. It's been a steady and boring phase that we are seeing. I don't know if there is a surge, because if there is, we might have seen it already. Investors might be seeing the Segwit2x activation on Aug 1 as somewhat a good direction, however, they may be waiting how it really goes for the market, before pouring in cash to the ecosystem.

[richardsNY]

Investors might be seeing the Segwit2x activation on Aug 1 as somewhat a good direction, however, they may be waiting how it really goes for the market, before pouring in cash to the ecosystem.

I think you are mixing up a few things. UASF is supposed to happen on the first of August. Miners will need to get SegWit2X activated before the first of August, just in order to avoid the UASF from becoming reality. Their support target of at least 80% isn't a problem, so the only thing that remains to be seen is whether or not they will really activate SegWit2X before the first of August. Interesting times are ahead, that's for sure.

[moriskarlov]

Right now the current price is just a shade above $2600. It has been like this for the past 3 days of so.

Actually the article had been published 5 hours ago. Changes in cryptoworld happens so swiftly, that the information is slightly outdated.

[joshy23]

Right now the current price is just a shade above $2600. It has been like this for the past 3 days of so.

Actually the article had been published 5 hours ago. Changes in cryptoworld happens so swiftly, that the information is slightly outdated.

It happened so fast that the price is going down at mid $2500 now. Bitcoin price is really hard to predict and very volatile. But for me, I'm not really affected by the sudden drop of bitcoin price. I think everyone should now understand that bitcoin is unpredictable and not just panic for every price dip.

[1Referee]

Their support target of at least 80% isn't a problem, so the only thing that remains to be seen is whether or not they will really activate SegWit2X before the first of August. Interesting times are ahead, that's for sure.

To add; after that we're still not there yet, as it will take approximately 3 months before the hard fork starts to kick in. The only thing we can hope for is that it will be a smooth process without any major negative consequences. Certain miners simply can't be trusted on their words, so I wouldn't be totally surprised if they decide to move into a different direction.

[lllaqpt]

Their support target of at least 80% isn't a problem, so the only thing that remains to be seen is whether or not they will really activate SegWit2X before the first of August. Interesting times are ahead, that's for sure.

To add; after that we're still not there yet, as it will take approximately 3 months before the hard fork starts to kick in. The only thing we can hope for is that it will be a smooth process without any major negative consequences. Certain miners simply can't be trusted on their words, so I wouldn't be totally surprised if they decide to move into a different direction.

Unfortunately I also do not know what to expect from the miners. Maybe we all are in for a big unpleasant surprise. But I very much hope that after all we will be able to use bitcoin and its price will grow

[veleten]

nope,no surge imminent,drop imminent
it is at 2400$ now,almost 12.5% price drop
and there is a clear bear trend,the price could drop even further,sepecially if we look at the uncertainty surrounding
the 1st of August and the upcoming fork

[Baofeng]

nope,no surge imminent,drop imminent
it is at 2400$ now,almost 12.5% price drop
and there is a clear bear trend,the price could drop even further,sepecially if we look at the uncertainty surrounding
the 1st of August and the upcoming fork

Its down to sub $2400. Hard times ahead folks. But stay calm and we can go with the price dip together. The uncertainly surrounding the dreaded Aug 1 date is real. Investors don't want to take risk that is why they are just closely monitoring the situation and will make their move when everything is settled in.

[halych]

nope,no surge imminent,drop imminent
it is at 2400$ now,almost 12.5% price drop
and there is a clear bear trend,the price could drop even further,sepecially if we look at the uncertainty surrounding
the 1st of August and the upcoming fork

Its down to sub $2400. Hard times ahead folks. But stay calm and we can go with the price dip together. The uncertainly surrounding the dreaded Aug 1 date is real. Investors don't want to take risk that is why they are just closely monitoring the situation and will make their move when everything is settled in.

Investors are calmly watching and not in a hurry to sell coins. Panic is created by those people who do not believe in the future of bitcoin. Because of them the situation is aggravated. Until 1 August, another month. It's too early to panic. I do not understand why people make themselves worse

[veleten]

nope,no surge imminent,drop imminent
it is at 2400$ now,almost 12.5% price drop
and there is a clear bear trend,the price could drop even further,sepecially if we look at the uncertainty surrounding
the 1st of August and the upcoming fork

Its down to sub $2400. Hard times ahead folks. But stay calm and we can go with the price dip together. The uncertainly surrounding the dreaded Aug 1 date is real. Investors don't want to take risk that is why they are just closely monitoring the situation and will make their move when everything is settled in.

Investors are calmly watching and not in a hurry to sell coins. Panic is created by those people who do not believe in the future of bitcoin. Because of them the situation is aggravated. Until 1 August, another month. It's too early to panic. I do not understand why people make themselves worse

investors is another myth,the price is manipulated and the rest just follow the trend
have a look at all of the major exchanges,almost synchronous price changes cannot be explained by the regular:
get signals/news-price/demand-resulting price
panic is the result of the asset's price being manipulated,people do not want to lose money and sell,thats it
meanwhile,there are people who are rebying all the time,every time and they know what are they doing

[Vishnu.Reang]

Investors are calmly watching and not in a hurry to sell coins. Panic is created by those people who do not believe in the future of bitcoin. Because of them the situation is aggravated. Until 1 August, another month. It's too early to panic. I do not understand why people make themselves worse

Still 35 days to go. For a currency which is just 8-years old, 35 days is a lot of time. And a lot can happen during this time. There are a number of possibilities, which I don't want to discuss here. I can only say one thing. There is no considerable upswing in the trade volumes, which means that the major investors are not selling their coins.

[Flyyyy]

Investors are calmly watching and not in a hurry to sell coins. Panic is created by those people who do not believe in the future of bitcoin. Because of them the situation is aggravated. Until 1 August, another month. It's too early to panic. I do not understand why people make themselves worse

Still 35 days to go. For a currency which is just 8-years old, 35 days is a lot of time. And a lot can happen during this time. There are a number of possibilities, which I don't want to discuss here. I can only say one thing. There is no considerable upswing in the trade volumes, which means that the major investors are not selling their coins.

I think that this is a good sign. So you can still keep coins and hope that the price will resume its growth. Large investors probably know more information than other users of bitcoin