[2017-10-13] Bitcoin Price Briefly Hits $5,920 Before Minor Correction

[Terraformer]

Earlier today, on October 13, the Bitcoin price achieved a new all-time high for the third time in the past two days, briefly surging to $5,920.



But, subsequent to achieving the new all-time high, the Bitcoin price experienced a minor correction, likely caused by the sudden surge in the price of Bitcoin in the past two days, from $4,500 to $5,920.

Possibility For Another Rally, Analysts Look Toward $6,000

Analysts including long-time Bitcoin investor Tuur Demeester, Trace Mayer, and Samson Mow are looking ahead toward $6,000, expecting yet another strong rally from Bitcoin to emerge in the next few days.

In a previous article, CCN revealed three major factors behind the recent surge in the price of Bitcoin: rise in demand for Bitcoin from institutional investors, strengthening of the Japanese and South Korean markets, and the upcoming SegWit2x hard fork. The article delved into the role of institutional and retail traders in the mid-term surge in the Bitcoin price, but as Blockstream executive Samson Mow noted, the upcoming SegWit2x hard fork in November could play a vital role in the short-term price trend of Bitcoin.

Throughout this week, an increasing number of communities, companies, and miners including the South Korean Bitcoin community and F2Pool have publicly denounced the SegWit2x hard fork, expressing their concerns toward the fork.

As BitGo lead engineer Jameson Lopp noted, F2Pool, one of the member companies behind the NYA Agreement and the SegWit2x proposal, stopped signaling for SegWit2x.

While the majority of leading cryptocurrency exchanges and Bitcoin platforms such as Coinbase and Bitfinex have clarified that they will not list SegWit2x has the majority chain based on hashrate, several companies such as Xapo and Blockchain have revealed their intent to list the original Bitcoin blockchain as BC1 if it has less hashrate in comparison to the SegWit2x chain, despite the backlash and criticism from the community.

“There is a significant possibility that the planned hard fork will result in two bitcoin block chains. In this case, we will follow the chain with the most accumulated difficulty and refer to that chain as Bitcoin. If the minority chain has significant value we will make that value available for customers to hold or exchange for a period of time, as we did with Bitcoin Cash. If the minority chain is the one with 1MB blocks, we plan to call it BC1. If the minority chain has 2MB blocks, we plan to call it BC2,” stated the Blockchain development team.

Experts including Bitcoin investor and Atlanta Digital Currency Fund partner Alistair Milne have previously explained the flawed system of using hashrate as the sole indicator to justify the majority chain, as miners tend to follow profitable chains. For instance, upon the debut of Bitcoin Cash, most of the hashrate from Bitcoin migrated to Bitcoin Cash for a brief period of time before its difficulty adjustment. But, after the adjustment occurred, miners moved back to Bitcoin, as Bitcoin Cash was no longer as profitable as the original Bitcoin blockchain.

Communities and Miner Speak Out Against SegWit2x, Major Factor For Short-Term Price Increase

Because of these issues, miners such as F2Pool and communities like the South Korean Bitcoin community have rejected the SegWit2x hard fork in November. The South Korean Bitcoin community released an official statement which read:

“We, the Seoul Bitcoin Meetup, the largest bitcoin community in South Korea, founded in 2014 with more than 1600 members, would like to voice our staunch opposition to this November’s proposed hardfork. We are confident that BTC, the legacy chain, will not only survive this fork, but continue to flourish as the dominant Bitcoin network.”

The market’s confidence in the original Bitcoin blockchain and its long-term growth would likely position it for another strong rally, and a more stable platform to build upward momentum with the recent minor correction. More importantly, even if the SegWit2x hard fork occurs in November as planned, both supporters and critics of the hard fork would invest in Bitcoin to either express their support towards Bitcoin or to obtain the newly created SegWit2x coins (B2X) in October.

https://www.cryptocoinsnews.com/bitcoin-price-briefly-hits-5920-but-endures-minor-correction-factors-for-another-rally/

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[iamTom123]

This is the great time for Bitcoin to make a big surge because there seems to be no major bad news and the coming hard fork has already been part of the pricing movement and maybe the market has already learned of what happened in the August fork so there is nothing surprising anymore. The minor correction that immediately happened when it almost got into the $6,000 level was perhaps partly due to some holders who decided to go profit-taking based on what happened when it almost touched $5,000 last month.

Will it be back soon really winning over the $6,000 mark? Yes, that is quite possible and anyway since we expect Bitcoin to continue on growing then it is just a matter of time when it would finally get over that level and would soon be going into the $6,500 territory. Bitcoin for now has became a FUD-proof digital currency and no bad comments from anybody (not even Putin's) could ever reverse its continuing growth. People who have nothing to say nice for Bitcoin should realize that Bitcoin is a different animal (something not yet deciphered before) and therefore what they are saying may not have any bearing on it.

[TravelMug]

Never saw that bitcoin price peak at $5920 but if its true then another milestone and ATH is on the books now. Maybe the F2Pool have publicly denounced the SegWit2x already pushed the price further after it tops $5000 for the second time. Their is a minor correction, as the price is trading at $5700-$5800 but it is still very high. Perhaps we will lived another day to see the price go to $6000, but I'm not complaining seeing the price today. Now, its gonna be a waiting game, will traders continue to dump a few from their stash bitcoin to cash out and take profit? Or continue to hodl a bit and wait for the magic number($6000)? It's gonna be a dilemma for most of us.  

[SvenBomvolen]

I cashed out my coins just two days ago by the price 4500$ and I thought I sold it good. Now I regret a little, but who would think the pump is going to be so big and fast. But I just needed those money, so what to do?!
I know that currently people buy and accumulate their Bitcoins to get as much free Bitcoun Gold coins as possible, I expect the price will raise to 7000$ during those days before the fork.

[hatshepsut93]

This sudden surge is a great example of volatility and unpredictability of Bitcoin market. If you would tell people just 2 days ago that Bitcoin would touch $5,920 tomorrow, no one would take you seriously, yet it just happened. If you would check all the technical analysis articles with their lines and curves drawn over charts, I'm pretty sure you won't find anything that suggest the current price. Some people already post their regrets about selling at around $5,000 which seemed like the top for them - a remainder that selling Bitcoin can be just as risky as buying. I think there's really no way to reliably predict stuff like that, so traders should always keep in their mind that even the wildest scenarios are possible with Bitcoin.

[1Referee]

I cashed out my coins just two days ago by the price 4500$ and I thought I sold it good. Now I regret a little, but who would think the pump is going to be so big and fast. But I just needed those money, so what to do?!

You could choose to just cash out half of what you had, which would result in you not feeling disappointed because you sold everything you had. If the massive increase from $1000 to nearly $5000 previously hasn't been proof enough that this market can experience a high value increase, then I don't know what will ever be sufficient proof for you. At least you say that you needed that money, so whatever the purpose may have been, it was likely valid.

I know that currently people buy and accumulate their Bitcoins to get as much free Bitcoun Gold coins as possible, I expect the price will raise to 7000$ during those days before the fork.

I too was thinking that the price could rise because of the chain split this month, but this increase is far beyond what's justified just in order to obtain more split coins. In that regard, I believe it's just the start of a new bull run, or the continuation of the previous bull run.