btc hits 5300$ but will it drop back below 5000$ ?

[therealfalcon]

a very happy moment that btc crossed 5300$
what you think will it stay over 5000$ now?


Although it isn’t entirely clear why the digital currency is resurgent, here are a few reasons market participants attribute to its record-setting advance:

1. Bets on digital-currency dividend
Some investors are wagering that a pair of so-called hard forks in core bitcoin, which will create two separate versions of the No. 1 cryptocurrency, will boost the holding of digital-currency assets.

On Oct. 25, so-called Bitcoin Gold designed to address challenges mining for bitcoin using computers to solve complex problems, will be launched.
On Nov. 18, bitcoin will face a second version of Segregation Witness, or SegWit2x, which would create an alternative version of the bitcoin.

2. China bitcoin exchanges
Charles Hayter, chief executive officer and founder of CryptoCompare, said heightened speculation that China may license digital-currency exchanges and allow them to reopen after a recent ban. Beijing last month moved toward a broad clampdown on bitcoin trading.

3. Amazon.com speculation
There are rumors about Amazon.com Inc. AMZN, -0.01%  accepting bitcoin on its retail platform. According to a blog post on Seeking Alpha, Amazon could announce that it will accept bitcoin as payment on its site when it reports quarterly results Oct. 26, which could lead others, including Alibaba Group Holding Ltd. BABA, +0.04% to follow suit.

4. FOMO
Fear of missing out, or FOMO, also may be propelling bitcoin and other cyber currencies higher. A cycle of news covering the virtual currency’s path to new heights can draw fresh attention to it and encourage further buying, thereby propelling the asset ever higher.

Of course, there are plenty of worries that the asset has all the telltale signs of a speculative bubble.

5. Wall Street attention
As the virtual currency gains more attention from average folks, it is also garnering eyeballs and investments from hotshot Wall Street veterans. A co-founder of alternative asset manager, Fortress Investment Trust, Michael Novogratz is starting a $500 million fund to invest in cryptocurrencies and told CNBC during a recent interview that the cryptographic currency could be worth $10,000 in six to 10 months.

[AverageGlabella]

More people are buying in preparation for the hard folk and getting their bitcoin gold. I do think we will see it dip below once again

[therealfalcon]

More people are buying in preparation for the hard folk and getting their bitcoin gold. I do think we will see it dip below once again

oh you think so

[pixie85]

More people are buying in preparation for the hard folk and getting their bitcoin gold. I do think we will see it dip below once again

I also think we'll go below $5000 at some point. Corrections are to be expected after a spike and this situation is no different.
I don't think it will happen because of bitcoin gold. It's possible that people will sell their BG when they get it and use that money for their expenses while still holding Bitcoins.

[AverageGlabella]

More people are buying in preparation for the hard folk and getting their bitcoin gold. I do think we will see it dip below once again

I also think we'll go below $5000 at some point. Corrections are to be expected after a spike and this situation is no different.
I don't think it will happen because of bitcoin gold. It's possible that people will sell their BG when they get it and use that money for their expenses while still holding Bitcoins.

you are probably right but I think theres going to be a split in decision and both markets will get a little messy. especially with the new accusations that bitcoin gold has been pre mined over at reddit.

[therealfalcon]

More people are buying in preparation for the hard folk and getting their bitcoin gold. I do think we will see it dip below once again

I also think we'll go below $5000 at some point. Corrections are to be expected after a spike and this situation is no different.
I don't think it will happen because of bitcoin gold. It's possible that people will sell their BG when they get it and use that money for their expenses while still holding Bitcoins.

you are probably right but I think theres going to be a split in decision and both markets will get a little messy. especially with the new accusations that bitcoin gold has been pre mined over at reddit.

to be honest i don't trust this bitcoin gold and i don't want it either, i am happy with my coins

[shield132]

What a curious things happen, I couldn't imagine if bitcoin would go from 4800 to 5300 in this month or in second month but as it seems this happen today, nearly 10% rise, wow, it's amazing. I think from the past experience, the fact that bcc didn't affect price and it rised again, people has this hope and this affects market, price rises. Maybe I am wrong but can't see any logic here, so much rise in one day and especially today.

[jumpsuitjoe]

It's almost guaranteed to go back down. Below $5,000? probably. The split is going to cause a massive sell off as people flock back to alt coins after the hard fork and they get their Bitcoin Gold. I haven't seen buy spikes like this in a long time. The candles are ridiculous right now in the green. But just as quickly, right after the fork, people are going to want their liquidity back. So, I'm guessing it drops back to around $4,600 after the fork.

[djselery]

The Bitcoin's price is known by its volatility. The price hits 5300$ recently but it can drop back below 5000$, however the price in general is going up so even in this case it will increase again after some time and reach highest levels. You need to be patient because trading bitcoin need time and patience, as the price is not stable.

[AverageGlabella]

It's almost guaranteed to go back down. Below $5,000? probably. The split is going to cause a massive sell off as people flock back to alt coins after the hard fork and they get their Bitcoin Gold. I haven't seen buy spikes like this in a long time. The candles are ridiculous right now in the green. But just as quickly, right after the fork, people are going to want their liquidity back. So, I'm guessing it drops back to around $4,600 after the fork.

we'll probably see a very low price for bitcoin gold and it will be transferred into alt coins very soon after the fork. effectively its free money for anyone who has bitcoin so it wont be worth too much at launch.

[africa34]

Bitcoin has done more than +5000 I'm still watching the market just what you think?
Can I trade now?, or wait after the hard fork

[gentlemand]

It's only been above $5000 for a few hours. Of course it'll head back there at some point.

As it becomes clearer that this gold thing will be unlisted and worthless and S2X looks increasingly unlikely to happen I expect BTC to calm down and fall fairly soon.

[J. Cooper]

It's really hard to say how the market will react to the upcoming hard fork. A lot of people are hedging into bitcoin right now hoping to get some free bitcoin gold. I am not sure if the price will stay at 5000 but I think it will until we fork. After the fork has happened we might drop back to low 4000s.

[dothebeats]

I'd love to see it go high since my cash wallets are already drained atm, but the price could probably drop back to sub-$5000 again before Bitcoin Gold's fork. Personally I think that after the fork on Oct. 26, bitcoin's price could take a massive increase considering that most people sell their share of Bitcoin Gold for BTC after it has been pumped like crazy. If there's anything that these forks do to bitcoin, it is the crazy pumps that follows after the forks conclude.

[InvoKing]

a very happy moment that btc crossed 5300$

what you think will it stay over 5000$ now?


and what caused this sudden jump in market

Well, I think that we could see in the next few hours a drop due to people/big whales cashing out for some profit. I just hope that the price will stay +$5000  

[therealfalcon]

It's really hard to say how the market will react to the upcoming hard fork. A lot of people are hedging into bitcoin right now hoping to get some free bitcoin gold. I am not sure if the price will stay at 5000 but I think it will until we fork. After the fork has happened we might drop back to low 4000s.

i think it won't be less them 4500$

[rebel92]

a very happy moment that btc crossed 5300$

what you think will it stay over 5000$ now?


and what caused this sudden jump in market

I have a feeling the bitcoin gold fork will lead to a situation where people will be disappointed with the lack of "free money" it will give them because its not going to be a spectacle like bitcoin cash.  Not sure what to think of what will happen 2x fork.  regardless I cannot see bitcoin dropping much lower than 3900 again without a massive amount of buyers willing to buy at that price.

[Vaflia]

I think these events will likely lead to a rise in bitcoin to$ 6,000 and only then (in early November) we will fall to$ 3000 IMHO

[bitcoin31]

Hi, The price of bitcoin as of now is already 5400 dollars and it continue to increase and fork is near . And we dont know what actually happen to bitcoin price once the fork happen maybe the price decrease or increase or become stable . But if the price of bitcoin decrease or below 5000 dollars you can buy more bitcoin in cheap price because for sure it will increase again the price after few hours or few days.

[CodyAlfaridzi]

I'm happy and sad at the same time. Happy obviously because it finally breaks through $5K, which most of us have foreseen. Sad because I only hold so little amount at the moment. Wish I was richer so I can get more Bitcoin

It definitely will experience a correction to sub $5K very soon. I don't see it (and I really hope) it doesn't get any higher before having another drop. Please give me another chance to buy cheap Bitcoins!

Hi, The price of bitcoin as of now is already 5400 dollars and it continue to increase and fork is near . And we dont know what actually happen to bitcoin price once the fork happen maybe the price decrease or increase or become stable . But if the price of bitcoin decrease or below 5000 dollars you can buy more bitcoin in cheap price because for sure it will increase again the price after few hours or few days.

This fork is unlikely to give any effect on the price. It is way less risky (in terms of economy split) than the August 1 fork.