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Author Topic: [2017-09-01] Bitcoin Is Getting Crazy Close to Breaking the $5,000 Mark  (Read 3936 times)
Eric Cartman
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September 01, 2017, 08:07:43 PM
 #1

Will it ever stop?
Cryptocurrency bitcoin reached yet another all-time high on Friday of $4,890, capping a surge in value of about 80% over the course of a month.
Bitcoin's rise comes despite concerns that the cryptocurrency could split into two come November, forming a so-called "hard fork." In November, an upgrade to bitcoin’s underlying software is expected to speed up transactions by increasing how many it can process at once. The bitcoin network is expected to do so by accepting an increased block size of two megabytes. But some miners aren't on board with the update, and if they decide against making the change in November, bitcoin could effectively form two separate currencies.
It's not entirely clear why bitcoin has continued its climb, though hype around the cryptocurrency's seemingly inexorable rise may play a role in how miners think of the coin. Meanwhile, the cryptocurrency has also become something of a "safe haven" asset — an asset that's expected to stay relatively stable in times of uncertainty — as tensions between North Korea and the West escalate. TenX co-founder Julian Hosp said in a recent interview that many of the company's bitcoin users are based in areas with potentially unstable governments in Africa and South America.
Some bitcoin advocates also expect bitcoin to continue its upward trajectory because it is a scarce resource. Only about 21 million bitcoins can be mined. So far, about 16 million have already been accounted for. In a recent Twitter post, noted bitcoin bull Charlie Shrem said the top of the market is still far off.

The price of ethereum, meanwhile ,also surged to an all-time high of $287.88 on Friday.

http://fortune.com/2017/09/01/bitcoin-ethereum-price-value/

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TravelMug
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September 01, 2017, 11:07:54 PM
 #2

Current price is almost $4900 on an average so I'm pretty sure that we will hit $5000 soon and it will keep going. This bull run will end at some point. I'm speculating that maybe in the $5000 range we may see some minor correction along but it will definitely increase again and may hit $5500-$6000 after a healthy correction. Safe asset or whatever you call it, its truly amazing how bitcoin price has been increasing this year alone. Cautious as I am, but I'm very optimistic that maybe in the end of the year $10000 will be possible as well. I'm just wondering, alt coins has been surging as well, is the myth that when bitcoin is up, altcoin should be down, but not the case this time, is the myth busted then?

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BitHodler
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September 02, 2017, 12:07:09 AM
 #3

$5000 will be an important psychological level to reach, and from there it will be interesting to see whether or not the much waited for correction will finally happen.

I am not doing that much trading, but I will definitely allow myself to secure profits as soon as the market hops over $4950 in the coming hours ~ even if we see a 10% decline it's already a worthwhile trade for me.

In case the market is heading up further, it's not a problem either since I have enough coins stacked up that I can use for short term trading purposes ~ both up and down movements will be profitable.


hatshepsut93
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September 02, 2017, 06:00:31 AM
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Seems like touching $5,000 has triggered a correction, as the price is now in $4,700-4,800 zone. I think what happened now can be explained some traders taking profits at important psychological level of 5 thousands, and since this response was too strong, the price dipped further down. Next we'll probably have a ground around $4,500-4,700, and than we'll either test 5,000 again, or 4,200 and lower. The later seems more likely, as everyone is expecting correction after a very long bull run. But I personally prefer to hodl and look for the longer perspective instead of trying to play the markets against people who might have more information than me.

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September 02, 2017, 07:42:04 AM
 #5

Seems like touching $5,000 has triggered a correction, as the price is now in $4,700-4,800 zone. I think what happened now can be explained some traders taking profits at important psychological level of 5 thousands, and since this response was too strong, the price dipped further down. Next we'll probably have a ground around $4,500-4,700, and than we'll either test 5,000 again, or 4,200 and lower. The later seems more likely, as everyone is expecting correction after a very long bull run. But I personally prefer to hodl and look for the longer perspective instead of trying to play the markets against people who might have more information than me.

Woke up to check the price, its around $4,700-$4,800 from a high of almost touching $5000. Yes, I believed we have put a barrier now, which is $5000. We can understand that traders jumping on and pushing the sell button because the price is really that high. The price increase was so fast that one has to expect a correction will really happen. Its just a matter of time. However, its a healthy one so that others can join the party as well and stash bitcoin. But I do believe that we may really see that it will break this barrier as soon as new faces coming in.

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September 02, 2017, 12:25:36 PM
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The market is moving, people are working, why it will not go up, there are all prerequisites for this. And now it is necessary to make a profit from this, a recession really very large is clearly not foreseeable.
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