[2017-10-06] Bitcoin Price Likely to Hit $5,000 If SegWit2x Support Declines

[cybersofts]

Bitcoin Price Likely to Hit $5,000 If SegWit2x Support Declines: Analyst

Tuur Demeester, a prominent bitcoin investor, analyst, and editor in chief at Adamant Research, believes the bitcoin price would surpass the $5,000 mark if support towards SegWit2x declines in the next few days.

China May Resume Cryptocurrency Trading But What About SegWit2x?

Since early September, the bitcoin price has struggled to recover beyond $4,500 due to uncertainty surrounding the Chinese cryptocurrency exchange market and SegWit2x. Analysts have started to demonstrate optimism towards the possibility of the Chinese government resuming cryptocurrency trading because of the latest report of Xinhua, a state-owned news publication in China.

As local Chinese cryptocurrency news source CnLedger revealed:

“Xinhua News, the official press agency of China: Virtual currencies have become the top choices of underground economies. We shall adopt “zero-tolerance policies” towards crimes hidden underneath and take measures such as record-keeping, licensing, AML processes, real-name, limiting large transactions.”

While it is becoming more evident that the Chinese government will resume cryptocurrency trading in the future, it is still too early to predict when the government would impose a national licensing program for cryptocurrency exchanges, as reported by Xinhua.

But, uncertainty around SegWit2x is continuing to hold back the momentum of bitcoin and its short-term rally. Several business have pulled out from the SegWit2x NYA agreement and the plan of the Digital Currency Group-led consortium of companies to carry out a hard fork in November. Demeester noted that if support towards SegWit2x declines in the next few days and weeks, the bitcoin price target of $5,000 would be realistic and likely.

“The charts need to confirm, but if the Bitcoin 2X hard fork turns out to be a nothingburger, it could provide tailwinds for a rally and $5,000,” explained Demeester.

Why SegWit2x is Different From Bitcoin Cash and Ethereum Classic Forks

Earlier this week, Charlie Lee, the creator of Litecoin and former executive at Coinbase, the $1.6 billion Bitcoin wallet and trading platform, noted that SegWit2x, the proposal to increase the bitcoin block size by 2MB, is fundamentally different to Bitcoin Cash and Ethereum Classic because as of current, it has majority support from miners.

Thus, it will be a rare instance in which the SegWit2x hard fork will be carried out as an “upgrade” to the bitcoin protocol but will lead to a separate blockchain network instead because both blockchain networks (bitcoin and SegWit2x) have the possibility to evolve as majority chains after the fork. It is likely that exchanges such as Coinbase will adopt the BTC and Bitcoin moniker for the original bitcoin blockchain but that could also change in the future if–even though it is not likely-SegWit2x evolves into the majority chain.

Lee explained:

“Because this 2x hardfork is so contentious, Coinbase cannot handle it the same way they handled the ETC and BCH hardfork. In other words, they can’t just choose one fork and ignore the other fork. Choosing to support only one fork (whichever that is) would cause a lot of confusion for users and open them up to lawsuits. So Coinbase is forced to support both forks at the time of the hardfork and need to let the market decide which is the real Bitcoin. Now the question is which fork will retain the ‘BTC’ and ‘Bitcoin’ moniker and which will be listed as something separate. Although Coinbase signed the NYA agreement, I do not believe that this agreement binds them in any way with respect to how to name the separate forks.”

The mid-term performance of the bitcoin price relies on the SegWit2x hard fork. Already, positive indicators of growth are being demonstrated primarily due to the rapid adoption of bitcoin by Japan and South Korea, and the possibility of the Chinese government resuming cryptocurrency trading in the upcoming months.



Source: https://www.cryptocoinsnews.com/prominent-analyst-if-segwit2x-support-declines-bitcoin-price-likely-to-hit-5000/

[CyberKuro]

I don't think BTG will has significant impact to bitcoin price.
If we compare BCH which has 8Mb and BTG with 2Mb hard fork, it's clear that 8Mb is better than 2Mb; noted that SegWit2x, the proposal to increase the bitcoin block size by 2MB, is fundamentally different to Bitcoin Cash and Ethereum Classic because as of current, it has majority support from miners.
The only way to increase bitcoin if BTG developers will distribute it free to everyone who has bitcoin in their wallet, just like the case of BCH.
Free distribution will encourage people to buy more bitcoin in order to get more free BTG, but there is uncertain news about BTG will be sold through an ICO.

[MostafaGamal]

thank you i think bitcoin hit 5000 and 6000 by end of the year .

[LDenis555]

thank you i think bitcoin hit 5000 and 6000 by end of the year .

It seems to me that the next SegWit2x will not affect bitcoin. The price is already going up and by the end of the year it will be above 5000. SegWit2x no longer causes people's fuss, so everything will go quietly

[1Referee]

It seems to me that the next SegWit2x will not affect bitcoin. The price is already going up and by the end of the year it will be above 5000. SegWit2x no longer causes people's fuss, so everything will go quietly

It's far too early to say that, especially when you consider that the 2MB hard fork is still a distant event. It wouldn't really surprise me to see the real panic kick in (if it's going to kick in) when we're just a week or two away from the actual block number the fork will happen, or is supposed to happen, more precisely said. At this point basically anything can happen, and that's exactly a reason as to why we might be going through a heavy load of uncertainties, which in its turn significantly raises the chances that it will negatively affect the market. Don't cheer too soon.

[Enzo 666]

i also think next three months price may be 5000$

but this news may be effect fast and make price touch 4,500 next two days

[Jating]

It seems to me that the next SegWit2x will not affect bitcoin. The price is already going up and by the end of the year it will be above 5000. SegWit2x no longer causes people's fuss, so everything will go quietly

It's far too early to say that, especially when you consider that the 2MB hard fork is still a distant event. It wouldn't really surprise me to see the real panic kick in (if it's going to kick in) when we're just a week or two away from the actual block number the fork will happen, or is supposed to happen, more precisely said. At this point basically anything can happen, and that's exactly a reason as to why we might be going through a heavy load of uncertainties, which in its turn significantly raises the chances that it will negatively affect the market. Don't cheer too soon.

I think the panic will kick in days before the actual implementation if it will really push through. It is still up in the air. So we can't really say want's gonna happen until the day and the next day to see the actual impact to the market. I remain to be positive that if ever this will go through that bitcoin can go further. Although one thing I noticed is that there's no fuzz in he forum unlike in the Aug 1 split where you can smell from a far FUD mongers.

[joinfree]

I agree with that, probably bitcoin gold wont provide any dump/pump for bitcoin price, since the dumps are going to happen with that coin , i dont think that anyone is going to hold their btg, because it is insane, and everybody knows that it does not have any future because everybody is going to drop them.
So it would not affect bitcoin, but probably it will affect altcoin prices, because some people will drop their altcoins to buy bitcoin in order to get those free btg.

[kaena555]

Bitcoin Gold is doomed to failure. I'm sure of this because Bitcoin Cash has already almost died. Yes, this coin is still in demand among speculators. But she did not find much popularity among people. It will be the same with Bitcoin Gold.

[Taki]

thank you i think bitcoin hit 5000 and 6000 by end of the year .

It seems to me that the next SegWit2x will not affect bitcoin. The price is already going up and by the end of the year it will be above 5000. SegWit2x no longer causes people's fuss, so everything will go quietly

It is just impossible to pass SegWit2x without any effect, as you are saying. Many people will try to take their profit on this event, so I expect to hear new gossips about the bitcoin's future after the fork and some drop. But I hope that people have learnt something on previous fork and the drop isn't going to be so deep as on the 1st of August.

[richardsNY]

From what I know (unless I missed another important happening), this is probably the last major obstacle that we have to go through. At this point only a few entities have withdrawn their 'support', which by far isn't enough to take away the rising uncertainties. I have the impression that various parties (Jihan & Co.) are out to cause another chain split at all cost, for obvious reasons. After all, it's not for nothing that Ver placed a bet on the SegWit2x coins to have a higher value than the legacy coin -- he clearly hints at a looming chain split.  

[Realniy]

thank you i think bitcoin hit 5000 and 6000 by end of the year .

It seems to me that the next SegWit2x will not affect bitcoin. The price is already going up and by the end of the year it will be above 5000. SegWit2x no longer causes people's fuss, so everything will go quietly

It is just impossible to pass SegWit2x without any effect, as you are saying. Many people will try to take their profit on this event, so I expect to hear new gossips about the bitcoin's future after the fork and some drop. But I hope that people have learnt something on previous fork and the drop isn't going to be so deep as on the 1st of August.

Was there a fall on 1 August? It seems to me that the price of bitcoin did not react to the split. Many expected a drop of 30.07, but the price rose on the contrary. It will be the same in November. Bitcoin Original is stronger than Bitcoin Cash and Bitcoin Gold

[Slow death]

Bitcoin Price Likely to Hit $5,000 If SegWit2x Support Declines: Analyst

to make prediction of "If SegWit2x Support Declines" is not a good thing, because nobody can guarantee that without segwit2x the price would be  $5000. gave to understand that the author of this prediction is someone against segwit2x, I am no expert on the subject that is being discussed and I'm in favor of the core but I do not think that the author of this prediction should do this, because this worsens the situation

Was there a fall on 1 August? It seems to me that the price of bitcoin did not react to the split. Many expected a drop of 30.07, but the price rose on the contrary. It will be the same in November. Bitcoin Original is stronger than Bitcoin Cash and Bitcoin Gold

but the situation with segwit2x is very different from anything, just see how much of fights have to realize that the case is serious

[darkangel11]

From what I know (unless I missed another important happening), this is probably the last major obstacle that we have to go through. At this point only a few entities have withdrawn their 'support', which by far isn't enough to take away the rising uncertainties. I have the impression that various parties (Jihan & Co.) are out to cause another chain split at all cost, for obvious reasons. After all, it's not for nothing that Ver placed a bet on the SegWit2x coins to have a higher value than the legacy coin -- he clearly hints at a looming chain split.  

It's temporary. In a couple years this situation will repeat itself because BTC will need an upgrade and people will again argue about it. Another fork is only a matter of time.

As for predictions they usually fail. I remember people predicting that BCC and BTC will split into something like 70-30 ratio, with BCC taking 30% of BTC's value. It never came even close to that. I believe the investors aren't keeping away because there's too much support for 2x.

[jjacob]

I don't think BTG will has significant impact to bitcoin price.
If we compare BCH which has 8Mb and BTG with 2Mb hard fork, it's clear that 8Mb is better than 2Mb; noted that SegWit2x, the proposal to increase the bitcoin block size by 2MB, is fundamentally different to Bitcoin Cash and Ethereum Classic because as of current, it has majority support from miners.
The only way to increase bitcoin if BTG developers will distribute it free to everyone who has bitcoin in their wallet, just like the case of BCH.
Free distribution will encourage people to buy more bitcoin in order to get more free BTG, but there is uncertain news about BTG will be sold through an ICO.

Why do you think that 8MB is better than 2MB blocks? 2MB might be the middle path, with an increase in block size and maintaining sufficient decentralization. There is no question of "distributing freely" in the case of a fork. All existing Bitcoin holders will hold coins on both branches of the fork automatically.