Is Bitcoin's rally really about BTG?

[Wind_FURY]

I do not believe this rally is all because of BTG. That fork is weak and a joke, it is also more rushed than Segwit2x. Who are the developers behind it? All we know is it was started by an Asic manufacturer from Hong Kong.

I also cannot access their website, http://btcgpu.org/

[Pursuer]

whenever there is a downtime like the past month and price takes a huge dive because of a popular FUD, we always have a big rise afterwards. you can look at the charts to see this pattern clearly after each big dip.
https://bitcointalk.org/index.php?topic=1784749.0;all

although I am not denying the fact that Bitcoin Gold airdrop/fork must have been effective in this rise but I do believe that the dip-effect is the dominant one here.

also don't forget that most people don't even know about BTG fork yet. when you say upcoming fork they think it is the 2x fork. the BTG website is not even ready yet! how can people even know about it

[CoinsCoinsEverywhere]

Right now, I'm not exactly sure what to think of the surge to ~$5800.  These are the points I see in favor of it not being related to upcoming forks:

1. There has to be some newfound confidence in the market that we've gotten past China's issues.

2. You usually see some follow-through in a strong move that breaks to new highs.

3. Bouncing off $3k so quickly probably left a lot of traders hoping to get in (or get back in) around $3k.  And if they've been waiting for another drop to that level, the break of $4500 confirmed that that probably won't happen (any time soon, at least), which may be leading to a lot of panic buying.

But there are some things that make me wonder if upcoming forks may be playing a significant role:

1. As I said above, I would expect follow-through on a break to new highs.  But ~$1k in 24 hours, which is about a 20% increase, is a lot, even for bitcoin.  I think the break of the previous $1100 high was part of a move that was only about a 10% increase.  This makes me think it's more than just a break of the previous ATH.

2. Except for LTC, which seems to be an anomaly, almost all of the other cryptos are down double-digit percentages.  This suggests that a lot of people are dumping other cryptos to buy bitcoin.  This is a big change from earlier this year when everything was going up together.  This demand for bitcoin only makes me wonder if people aren't starting to hoard for extra forked coins.

[xtimus]

I think the fact that BTC broke $5000 + the forks is what is driving the price up so high. $5000 was a major barrier. FOMO is what drives it high.

[YuginKadoya]

I really think it is because of the BTG hype and not because of BTG it is just a hype because of the recent Fork all bitcoin user might want to get free Coins just like what happen with bitcoin cash, I really never expect much in bitcoin gold but the hype is real, or it is because of the fake news that is why there are so much hype involve.

[on3tee]

I think that there will be an increase in unnecessary legislation soon to follow.  Probably more focused on "Blockchain based assets" rather than specific coins.  Governments around the world will want their taxed share.  Will this drive the price up or down?  Answer is yes.    

[1Referee]

It's definitely possible, but I find it quite hard to believe due to the intensity of current increase. It would only be a justifiable action to buy up this market in the runup to the Bitcoin Gold chain split, if the entities doing so have a strong believe in the value of the split coins. If the price of the split coins will more or less behave the same as Bitcoin Cash did in all aspects, it will turn out to be a worthwile event, but I find it hard to believe, unless there are whales involved lifting this market up to eventually unload their bags on dumb and delusional people.

[Kemarit]

It's definitely possible, but I find it quite hard to believe due to the intensity of current increase. It would only be a justifiable action to buy up this market in the runup to the Bitcoin Gold chain split, if the entities doing so have a strong believe in the value of the split coins. If the price of the split coins will more or less behave the same as Bitcoin Cash did in all aspects, it will turn out to be a worthwile event, but I find it hard to believe, unless there are whales involved lifting this market up to eventually unload their bags on dumb and delusional people.

That's why I said that I'm a little bit worried with all the price hike specially when it started to break the $5000 barrier. I can't fathom who are behind this sudden pump, I'm asking the same questions. Are whalers really doing this for the market, or are they really for the those free coins? The current increase was unbelievable and even touches $6000 for a moment, then correction ensued. The Bitcoin Gold split is 12 days to go, are we expecting $6500 prior to the fork? Its really hard to understand the current predicament but one this is for sure, whales are not that dumb. I think if there is a unload it should happened after the fork and not prior. Well, I may be wrong. Let's see thing as they prosper in the coming days and look if this event is sustainable in the long run.

[BillyBobZorton]

Right now, I'm not exactly sure what to think of the surge to ~$5800.  These are the points I see in favor of it not being related to upcoming forks:

1. There has to be some newfound confidence in the market that we've gotten past China's issues.

2. You usually see some follow-through in a strong move that breaks to new highs.

3. Bouncing off $3k so quickly probably left a lot of traders hoping to get in (or get back in) around $3k.  And if they've been waiting for another drop to that level, the break of $4500 confirmed that that probably won't happen (any time soon, at least), which may be leading to a lot of panic buying.

But there are some things that make me wonder if upcoming forks may be playing a significant role:

1. As I said above, I would expect follow-through on a break to new highs.  But ~$1k in 24 hours, which is about a 20% increase, is a lot, even for bitcoin.  I think the break of the previous $1100 high was part of a move that was only about a 10% increase.  This makes me think it's more than just a break of the previous ATH.

2. Except for LTC, which seems to be an anomaly, almost all of the other cryptos are down double-digit percentages.  This suggests that a lot of people are dumping other cryptos to buy bitcoin.  This is a big change from earlier this year when everything was going up together.  This demand for bitcoin only makes me wonder if people aren't starting to hoard for extra forked coins.

Im still trying to figure out why LTC is going up after segwit was also enabled on BTC. What distinguishes LTC from BTC anymore, other than their software is outdate because they are several Core versions backwards?

But anyway, if you look at the graph, LTC is not going up against BTC, only against the USD, and I want to increase my BTC, not USD.
Not a single coin seems to be going up against BTC anymore.

https://coinmarketcap.com/currencies/litecoin/

[iamTom123]

1. As I said above, I would expect follow-through on a break to new highs.  But ~$1k in 24 hours, which is about a 20% increase, is a lot, even for bitcoin.  I think the break of the previous $1100 high was part of a move that was only about a 10% increase.  This makes me think it's more than just a break of the previous ATH.

2. Except for LTC, which seems to be an anomaly, almost all of the other cryptos are down double-digit percentages.  This suggests that a lot of people are dumping other cryptos to buy bitcoin.  This is a big change from earlier this year when everything was going up together.  This demand for bitcoin only makes me wonder if people aren't starting to hoard for extra forked coins.

I believe that people are buying more Bitcoin because they want to have more Bitcoin Gold and this fact can be verified right now. Well, this can be one of the many factors for the sudden rise of Bitcoin beyond the $5,000 level. When things would ebb, Bitcoin can be back at the $5,500 point while waiting for factors to push it beyond the $6,000 mark. As always, there would be some small corrections and we are already seeing it now.

[alyssa85]

On last night's daily markets thread on the bitcoinmarkets subreddit, someone pointed out that the surge to nearly $6000 came because of a China rumour:

https://www.reddit.com/r/BitcoinMarkets/comments/75ukuy/daily_discussion_thursday_october_12_2017/doapq4e/

http://www.zerohedge.com/news/2017-10-12/bitcoin-explodes-5600-30-end-chinas-golden-week-holiday

It's the classic FUD stuff that Charles Lee warned about, and is likely to be false, but trigger happy traders still bought at the top!

[BillyBobZorton]

On last night's daily markets thread on the bitcoinmarkets subreddit, someone pointed out that the surge to nearly $6000 came because of a China rumour:

https://www.reddit.com/r/BitcoinMarkets/comments/75ukuy/daily_discussion_thursday_october_12_2017/doapq4e/

http://www.zerohedge.com/news/2017-10-12/bitcoin-explodes-5600-30-end-chinas-golden-week-holiday

It's the classic FUD stuff that Charles Lee warned about, and is likely to be false, but trigger happy traders still bought at the top!

It's hilarious to see China banning all exchanges, then only to find out weeks later that China is supposedly still driving up massive amounts of volume. The guys at PBOC must be kicking themselves, and im assuming that this is not al part of a conspiracy where they always knew they would eventually lift the ban and enjoy the gains (since they would have bought the dip heavily OTC while their citizens weren't allowed to do so).

Im actually pretty sure something along the lines is happening. Im damn sure throught 2018 if not before, Chinese citizens will be able to trade again and the price will keep going even higher due these news.

[HeRetiK]

[...]

2. Except for LTC, which seems to be an anomaly, almost all of the other cryptos are down double-digit percentages.  This suggests that a lot of people are dumping other cryptos to buy bitcoin.  This is a big change from earlier this year when everything was going up together.  This demand for bitcoin only makes me wonder if people aren't starting to hoard for extra forked coins.

My guess is that when BTC started to surge earlier this year, it simply awakened the alt coins from their long bear market slumber as well. Regained trust in BTC made it easier to trust alts again, new money entered the market and pumpers took care of the rest. And then of course, there was the ICO boom.

Now the hype around ICOs has mostly subsided, BTC successfully defended its #1 spot and I guess trust in alts is not as strong as in BTC, making it harder for alts to sustain their price level.

[Wind_FURY]

On last night's daily markets thread on the bitcoinmarkets subreddit, someone pointed out that the surge to nearly $6000 came because of a China rumour:

https://www.reddit.com/r/BitcoinMarkets/comments/75ukuy/daily_discussion_thursday_october_12_2017/doapq4e/

http://www.zerohedge.com/news/2017-10-12/bitcoin-explodes-5600-30-end-chinas-golden-week-holiday

It's the classic FUD stuff that Charles Lee warned about, and is likely to be false, but trigger happy traders still bought at the top!

It's hilarious to see China banning all exchanges, then only to find out weeks later that China is supposedly still driving up massive amounts of volume. The guys at PBOC must be kicking themselves, and im assuming that this is not al part of a conspiracy where they always knew they would eventually lift the ban and enjoy the gains (since they would have bought the dip heavily OTC while their citizens weren't allowed to do so).

Im actually pretty sure something along the lines is happening. Im damn sure throught 2018 if not before, Chinese citizens will be able to trade again and the price will keep going even higher due these news.

The PBOC will have to act more decisively sooner or later or they risk making it look like that the Chinese government does not have control of financial regulations in their country. But that is what Bitcoin is there for, to disrupt everything.

also don't forget that most people don't even know about BTG fork yet. when you say upcoming fork they think it is the 2x fork. the BTG website is not even ready yet! how can people even know about it

I agree. I believe BTG is a scam. The main idea of changing the mining algorithm was stolen from Lukejr.

[jjacob]

I do not believe this rally is all because of BTG. That fork is weak and a joke, it is also more rushed than Segwit2x. Who are the developers behind it? All we know is it was started by an Asic manufacturer from Hong Kong.

I also cannot access their website, http://btcgpu.org/

Of course it is not. The Bitcoin Gold operators are just trying to portray themselves as an alternative to Bitcoin. But they are trying to gloss over the fact that there is a premine and they did attempt an ICO before. Bitcoin Cash was a reasonably successful fork and now others are trying to get into the act.

[rjbtc2017]

I do not believe this rally is all because of BTG. That fork is weak and a joke, it is also more rushed than Segwit2x. Who are the developers behind it? All we know is it was started by an Asic manufacturer from Hong Kong.

I also cannot access their website, http://btcgpu.org/

You still got a point there but the recent drops of other popular altcoins might trigger and support the assumption that this price rally is because of bitcoin gold. We still cannot even conclude that bitcoin gold is not yet know by the bitcoin investors(some of them might not know it but every person that has some interests in bitcoin researched about it before  investing on it.)

[maokoto]

Perhaps is both because of the bitcoingold and segwit2x fork.

As you say, probably those forks are not too serious, but the forked coin will have some value anyway. Where does that value come from if not from Bitcoin itself? It is as like some people are buying Bitcoin just to get some forked coins for free.

[posi]

I do not believe this rally is all because of BTG. That fork is weak and a joke, it is also more rushed than Segwit2x. Who are the developers behind it? All we know is it was started by an Asic manufacturer from Hong Kong.

I also cannot access their website, http://btcgpu.org/

Well, I'm afraid to tell you that the bitcoin rally happened because of the up coming BTCG fork. Although, some people believe the fork is all a joke, some believe that the group involve are not serious or something and some don't want to miss the chance of getting free 11.1BTCG out of 10.25BTC.

[Lucius]

It is very likely that this price up is at least partly due to new coin BitcoinGold,people still have fresh memories on last fork and BitcoinCash who make nice profit for them.Nobody wants to miss the possibility for new profits and trying to accumulate as much as possible.

It is difficult to say is this the only reason why we are so close to 6000$,but demand for BTC is big,more buying then selling is always causing price increase.Probably we will see correction after hard fork is finished,it is always been like that-after pump always come dump.

[mrbnson]

There is bitcoin gold, segwit2x and also the fact that september ended without any further bad news from China, all of this combined plus some others will have an effect on the price.