[2017-08-24] Bitcoin Price Struggles To Break Free Of Current Range

[cybersofts]

Bitcoin prices have been struggling to reach the next level, after fluctuating close to $4,000 over the last few weeks.

The cryptocurrency has faced these headwinds after surging more than 300% year-to-date, climbing from less than $1,000 to more than $4,000 earlier this month, according to CoinDesk's Bitcoin Price Index (BPI).

While the world's largest cryptocurrency by market capitalization has enjoyed modest volatility over the last few weeks, multiple analysts have predicted that this period of relative calm will be short-lived.

"The price has been surprisingly stable for the last couple weeks but I have no real confidence it will last," Cryptocurrency Fund Manager Jacob Eliosoff stated on August 22.


Sources: https://www.forbes.com/sites/cbovaird/2017/08/23/bitcoin-price-struggles-to-break-free-of-current-range/#6167ddbe44e9

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[Siren]

I think this is just normal. The wall is too high to break it at $3000. This has happened with $3000 as well. But it will be broken soon we just have to wait. I think if there are a lot of speculators that will come in, they it can easily be broken before the end of the year.

There is another milestone in November that can easily push that mental barrier to be broken, but the question is can it be sustained again? or their will be a price crash?

[1Referee]

There is another milestone in November that can easily push that mental barrier to be broken, but the question is can it be sustained again? or their will be a price crash?

Milestone in November? The only thing of significance to happen in November is that the 2MB hard fork of Segwit2x is going (or better said, supposed) to kick in. I don't really see this as a milestone, but more as something that potentially might put us through another chain split again. Just because not much in the negative meaning has happened with the most recent chain split, will not automatically mean that we will walk out of such situation without any damage once again. In that regard, purely due to the uncertainties and the increased level of fud, I expect a decline in the runup to November. People thought that when Segwit activation is completed, that we are all done with everything related to scaling, but that's obviously not the case until we walk out undamaged in November.

[CyberKuro]

There is another milestone in November that can easily push that mental barrier to be broken, but the question is can it be sustained again? or their will be a price crash?

Milestone in November? The only thing of significance to happen in November is that the 2MB hard fork of Segwit2x is going (or better said, supposed) to kick in. I don't really see this as a milestone, but more as something that potentially might put us through another chain split again. Just because not much in the negative meaning has happened with the most recent chain split, will not automatically mean that we will walk out of such situation without any damage once again. In that regard, purely due to the uncertainties and the increased level of fud, I expect a decline in the runup to November. People thought that when Segwit activation is completed, that we are all done with everything related to scaling, but that's obviously not the case until we walk out undamaged in November.

Another milestone in November just refers to another chain split, nothing more.
And bitcoin price may be decline around $700-$1500 I guess, just be prepared to buy at discount time.
Current price still persist over $4000 and segwit will activated soon, BIP 141 (Segregated Witness) activation is scheduled to take place in: 24 Blocks, which mean $5000 is near, just few days ahead.

[maryvale]

It's normal that bitcoin take a break after huge runup this year. Nothing will always go up. Take a breath and we will go much higher.