Cancellation of Segwit2x and it's effect on BTC value

[DevelopmentBank]

So i just read that the controversial segwit2x upgrade was just cancelled.
Reference link: https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/

I'm curious to hear what people here think of this and it's effect on bitcoin price.
Is it time to go back to altcoins maybe? Or will this solidfy bitcoin position?

[mk4]

Very unprofessional advice:

My guess would be that bitcoin's price will dip a bit. Probably just as low as 5%-10% as I think that a lot of people will go full FOMO because of altcoins currently skyrocketing in price. Also, knowing that most people realize that they aren't getting any free forked bitcoin as s2x has been canceled.

[Alns]

It went up by a lot of money, but now it has decreased a lot until it reached $7000 again, but now it seems that it wants to be high again and it is recovering towards the all time high again, so there is no need to worry, you all know that bitcoin is always going up and you can check it by yourself on all the charts.
It is repetitive, because it is always the same process, first it goes down, and then up.
But this fork was positive for bitcoin because it made it went from less than $5500 to $7700 in just a few days.

[DevelopmentBank]

Very unprofessional advice:

My guess would be that bitcoin's price will dip a bit. Probably just as low as 5%-10% as I think that a lot of people will go full FOMO because of altcoins currently skyrocketing in price. Also, knowing that most people realize that they aren't getting any free forked bitcoin as s2x has been canceled.

Thanks for that. Good answer. I was initially having the same thoughts as well however i've been reading articles on this cancellation and from the comments it seems some people are actually happy because they think bitcoin is more secure and stable now. Can't help but wonder how many feel that way and if they can drive the price upwards.

[CrazyCryptoz]

Very unprofessional advice:

My guess would be that bitcoin's price will dip a bit. Probably just as low as 5%-10% as I think that a lot of people will go full FOMO because of altcoins currently skyrocketing in price. Also, knowing that most people realize that they aren't getting any free forked bitcoin as s2x has been canceled.

Thanks for that. Good answer. I was initially having the same thoughts as well however i've been reading articles on this cancellation and from the comments it seems some people are actually happy because they think bitcoin is more secure and stable now. Can't help but wonder how many feel that way and if they can drive the price upwards.

exactly.. I am thinking the same.

[Herbert2020]

actually i have to disagree with the previous couple of comments and say there is a good chance that price starts rising now. we can even expect a much bigger size out of bitcoin if the SegWit2x cancellation is for real and all miners do drop it eventually.

the reason is mainly because this fork was the main reason for many to stay away from investing in bitcoin. forks are always scary, people prefer not to invest in something that is unclear and has a potential to go either way. specially since this was a hard fork.
now all those people have no excuse and nothing to worry about, they can potentially come in now and start investing. that means a big rise.

[Ewox]

Because of the suspension of the Segwit2x I think Bitcoin will neither go up or down or if ever it does go down, it won't go far down that much, maybe just around $1000 less of what it's current price is would be its price. But for sure this month it is expected especially by the experts that it'll reach around $8000 by November and $9000 by December.

[shamzblueworld]

So i just read that the controversial segwit2x upgrade was just cancelled.
Reference link: https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/

I'm curious to hear what people here think of this and it's effect on bitcoin price.
Is it time to go back to altcoins maybe? Or will this solidfy bitcoin position?

I think more than affecting the bitcoin value, this will definitely raise altcoin values. Now that people know that there is no fork comping, they will start investing in alts for profit, hence altcoin values may rise exponentially.
BTC value may go slightly down but it won't dive down too low. I think it will remain in 7-7.5K range.

[Granxis]

Who gives the division decision? In other words, it needs to be real people to get a consensus. Who makes this decision? I think it's wrong to manage an independent currency. If the decision makers are representatives of the mayor miners, I still have an objection.

[bamboylee]

The initial reaction was profit taking that is why the price shed 400$ when the news broke out. I would do the same if I have 2-3K profit from each bitcoin I have. I think more will dump some bitcoins as they learn about this news. Alt coins are good buy right now because most of them are very cheap and dropped deeply when bitcoin was surging up. Some investors may take that path and may lead to bitcoin dropping more. Even with all that, I do not think bitcoin will drop to below 6K so it is still good.

[flowpify]

Very unprofessional advice:

My guess would be that bitcoin's price will dip a bit. Probably just as low as 5%-10% as I think that a lot of people will go full FOMO because of altcoins currently skyrocketing in price. Also, knowing that most people realize that they aren't getting any free forked bitcoin as s2x has been canceled.

Thanks for that. Good answer. I was initially having the same thoughts as well however i've been reading articles on this cancellation and from the comments it seems some people are actually happy because they think bitcoin is more secure and stable now. Can't help but wonder how many feel that way and if they can drive the price upwards.

I was thinking the same, now it's only madness ans panic since people still don't know exactly how to react. It may still go down for a little while but it should be up and running pretty soon again!

[marky89]

So i just read that the controversial segwit2x upgrade was just cancelled.
Reference link: https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/

I'm curious to hear what people here think of this and it's effect on bitcoin price.
Is it time to go back to altcoins maybe? Or will this solidfy bitcoin position?

It's tough to say. Is this a "sell the news" event? Some traders were definitely expecting a B2X "dividend" which was trading at ~15% of the price of BTC. That's not happening anymore, so some of those traders are selling because of that. Others were also waiting for the fork to reenter alts, and they can do that now.

It looks to me like the initial selling wave is over, and that we will see some sideways action in BTC. That should result in eventual new highs, but in the meantime, I'm looking at alts. I think there's some relief rallies on the horizon.

[capoeira]

The question is how much of the recent rally was people "subscribing for free money".

[DevelopmentBank]

The question is how much of the recent rally was people "subscribing for free money".

Apparently, a lot more than expected were actually subscribed for free money. Bitcoin value is now down to 6600$ as of time in writing.
I wonder how long this bear run will last. But i'm not even worried since I know the value will not just suddenly disappear and actually appreciate in value over time
Target price is 10k$ USD anyway.

[ditinhu]

With the cancellation of the Fork, some altcoins are raising their values ​​greatly, proving that people buy many Bitcoins to profit from the fork. If there is another Fork the Altcoins will plummet with this so people will lose a lot of money.

I hope that now the Forks will end so that the market can stabilize and the altcoins get out of the low, I have some altcoins and I'm waiting to recover my loss.

[jeraldskie11]

I am very sad of why they do cancelling the hardfork of segwit2x on bitcoin in November 16. Hardforks has one the reasons why bitcoin prices increased. I believe that before 2018 bitcoin price will reach $10,000 but because they cancelled the hardfork, the time usage of getting reach $10k price of bitcoin will increase.

[SixOfFive]

As we all expected, Segwit2x cancellation brings a turbulence in the crypto market. We all were hoping to fall BTc and rise of altcoins. But investors started shifting to BCH suddenly, I don't know if it is just a FOMO move or a rise of new coin competing BTC in terms of market cap.

[reflector]

As we all expected, Segwit2x cancellation brings a turbulence in the crypto market. We all were hoping to fall BTc and rise of altcoins. But investors started shifting to BCH suddenly, I don't know if it is just a FOMO move or a rise of new coin competing BTC in terms of market cap.

When this information has been shared that time every says we may expect the big value in the bitcoin chart. But this time hard fork correction pull down the value completely and backs up to 6000 USD.
Many threads comes with to talk BCH shit coin. Whether goes to peak next to bitcoin nut still users are concentrate on bitcoin cash yet.

[btcone111]

To be honest, I do feel scalability is a problem that BTC has to solve before it can go higher from $7K.
Hence I think we are entering a phase where it will consolidate around recent highs.

[peter0425]

So i just read that the controversial segwit2x upgrade was just cancelled.
Reference link: https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/

I'm curious to hear what people here think of this and it's effect on bitcoin price.
Is it time to go back to altcoins maybe? Or will this solidfy bitcoin position?

By now we already saw what happened to the price, it goes down after the Segwit2x cancellation. However, there are factors that really brought down the price. The bitcoin cash entities started to create FUD saying that they are the real bitcoin. People believed in them, causing the price to plummet below $5K. Its a s deliberate attack from the other side. Although the price of bitcoin has recovered since the attack.

If you can just wait for a little bit then do it before going to altcoin. This last few days have been very difficult to decide whether to stick to bitcoin, follow them with bitcoin cash, or stay to our beloved altcoins. Just give another couple of days before deciding what options are better. Its a hell of a roller coaster ride.