Bitcoin price is sliding down because of the Fork. What will happen today?

[ximply]

Past 24 hours bitcoin shredded close to $150 which push down the rate to below $2,150 level.

Just for today do you think it will break the $2,000 level? GDAX already announced that it will hold all withdrawal and deposit to their system once BIP148 activates.

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[iamTom123]

Yes, anything is possible here. Should I be allowed to do anything for Bitcoin, I will stop all the trading and wait for what will happen after August 1. Things are already running amok right now and we still have two weeks to contend with. This whole mess can be bringing Bitcoin back to its level last year. And many buyers are not coming back into the market even if the value has already decreased because many of them are sporting a wait and see mode.

Now, having said that, the best thing to do right now is just HODL because things will get through and after August 1 we can finally move on and experience a better Bitcoin ready to reap its own shiny future.

[davis196]

Past 24 hours bitcoin shredded close to $150 which push down the rate to below $2,150 level.

Just for today do you think it will break the $2,000 level? GDAX already announced that it will hold all withdrawal and deposit to their system once BIP148 activates.

I don`t know why GDAX should do this.2 weeks without deposits and withdrawals?
If other exchange platforms decide to cancel withdrawals, this might cause some panic around the crypto traders.If the crypto trading volume does down,bitcoin price does down for sure.
Your title is a little bit misleading.Is BIP148 a fork?

[passwordnow]

What will happen today? Then the strongest handlers will be left and those weak holders will be forced to sell their bitcoins.
I've been there as one of those weaklings that is fearing of losing better profit but bitcoin has been on this stage for so many times.
And that's why the most patient person will benefit on this dump.

[ximply]

What will happen today? Then the strongest handlers will be left and those weak holders will be forced to sell their bitcoins.
I've been there as one of those weaklings that is fearing of losing better profit but bitcoin has been on this stage for so many times.
And that's why the most patient person will benefit on this dump.

Yes that's the spirit. We need to hold and keep accumulating bitcoin.

[Reid]

Maybe that is why it is going down by $150.
Because of the warning of GDAX some of the users withdrew their funds in an advance.
It is a good thing to tell the news but a bad thing to make it so advance. It is still early for the prompt about it.
Besides the transactions now are faster than before.
This could cause a lot of panic to the bitcoin holders.

[Wind_FURY]

OP, yes I believe it will breakdown below the $2000 level. Market participants both pros and amateurs are now short selling Bitcoin for profit as opposed to buy and hold, this means the bearish trend is already starting.

I also believe that all the ICOs that have collected hundreds of millions are now starting to sell heavily pushing the price down further.

[d5000]

There are rumours that the downtrend today was very probably caused because of the delays in the Segwit2x/BTC1 deployment. Jeff Garzik had announced the client for yesterday, but failed to finish it - now the release candidate is planned for "this weekend".

If it is finished until Sunday, then one could expect - if this theory is true - that the price will go up again. The current bounce up to ~2100 seems to confirm this theory as there is much movement now in the repo of the BTC1 client and it looks that it will be finished on time.

As you all hopefully know, if miners adopt the Segwit2x/BTC1 client until July 23, there won't be a fork nor a chain split in August because Segwit will be activated. So the delay probably added a bit of uncertainty, and so some decided to take profits.

[ximply]

There are rumours that the downtrend today was very probably caused because of the delays in the Segwit2x/BTC1 deployment. Jeff Garzik had announced the client for yesterday, but failed to finish it - now the release candidate is planned for "this weekend".

If it is finished until Sunday, then one could expect - if this theory is true - that the price will go up again. The current bounce up to ~2100 seems to confirm this theory as there is much movement now in the repo of the BTC1 client and it looks that it will be finished on time.

As you all hopefully know, if miners adopt the Segwit2x/BTC1 client until July 23, there won't be a fork nor a chain split in August because Segwit will be activated. So the delay probably added a bit of uncertainty, and so some decided to take profits.

Thanks for that information. Really appreciate your sharing.

[batang_bitcoin]

I assume it will go lower now, the price is now lower than $2,100 and it can happen anytime to see it land at $1,900 soon. But this thing has been happening for so many times and for the old timers they know what's the best thing to do. Sell at bottom or have a strong heart just to keep on holding, I myself will hold.

[richardsNY]

As you all hopefully know, if miners adopt the Segwit2x/BTC1 client until July 23, there won't be a fork nor a chain split in August because Segwit will be activated. So the delay probably added a bit of uncertainty, and so some decided to take profits.

Not that long ago, Core developer Luke Dashjr stated that SegWit2X hard fork will fail. Is that according to you a hopeless attempt to ignore the fact that the economic majority supports SegWit2X, and thus he can't admit his "loss", or do you see some sort of a valid point in his reasoning? Other than that, this might indeed have been a major driver for the price to go down. I was looking for a specific reason, but couldn't find any sort of justification other than people being afraid of a potential hard fork, and thus liquidate their coins.

[Selmor]

I just asked my glass sphere: Bitcoin will stay tomorrow. Looking at coinmarketcap all coins are recovering atm. But until the 31st all coins will slowly decrease.
The most imoprtant question should be: What will happen on the 1st of August?

[d5000]

Not that long ago, Core developer Luke Dashjr stated that SegWit2X hard fork will fail. Is that according to you a hopeless attempt to ignore the fact that the economic majority supports SegWit2X, and thus he can't admit his "loss", or do you see some sort of a valid point in his reasoning?

In my opinion, his scenario is possible but unlikely.

Bitmain would lose all credibility if it blocks Segwit in the last moment. That would be also the death sentence for Jihan's own planned "Bitmaincoin", because - who would join a chain of an actor that just broke an important agreement (and probably made tank Bitcoin's price)? "Bitmaincoin" has only a chance to live if Segwit2x fails for another reason and ~30-70% of the hashrate support BIP148 and so he can blame BIP148 miners for the chain split.

[SONG GEET]

Still more than 15 days remaining for activation of segwit and right now everything is quite uncertain. Price might find good support between $1800 to $2000 before august and we might see good uptrend after segwit.

[ximply]

Still more than 15 days remaining for activation of segwit and right now everything is quite uncertain. Price might find good support between $1800 to $2000 before august and we might see good uptrend after segwit.

Yes i also see it this way. $1800 - $2000 support so i suggest you to buy everytime it deeps at that level for it might not stay that long at that level. It will quickly tract uptrend after that.

Please note that the volume of trading is not that much only 10k to 12k every 24 hours. So meaning those who are holding big amount of bitcoin is still holding. Looking forward for the $55,000 price of Bitcoin.

[Wind_FURY]

As you all hopefully know, if miners adopt the Segwit2x/BTC1 client until July 23, there won't be a fork nor a chain split in August because Segwit will be activated. So the delay probably added a bit of uncertainty, and so some decided to take profits.

Not that long ago, Core developer Luke Dashjr stated that SegWit2X hard fork will fail. Is that according to you a hopeless attempt to ignore the fact that the economic majority supports SegWit2X, and thus he can't admit his "loss", or do you see some sort of a valid point in his reasoning? Other than that, this might indeed have been a major driver for the price to go down. I was looking for a specific reason, but couldn't find any sort of justification other than people being afraid of a potential hard fork, and thus liquidate their coins.

You call all those merchants, services and exchanges who joined the Silbert Accord the "economic majority" of Bitcoin? It is more like an Oligarch. No one in the community should encourage that type of control on Bitcoin which is supposed to be a public and permissionless network.

Your beliefs are twisted.

[~Bitcoin~]

- Segwit2x started to get good support
- Some people against it started FUD about possible hardfork after segwit activation on august
- Many new traders out of fear, sold their coins for loss
- Others joined them and dump went even deeper

When all those weak hands will sold off all their holdings, we will see very good pump. Just HOLD....