[2017-11-12] Bitcoin Price Rebounds From $5,500 to $6,200, Ready For a New Rally

[cybersofts]

Bitcoin Price Rebounds From $5,500 to $6,200, Ready For a New Rally?

Over the past 24 hours, the bitcoin price has demonstrated extreme volatility, declining to $5,500 at one point. Since hitting a new weekly low, it has recovered to $6,200.



The recent decline in the price of bitcoin can be wholly attributed to the surge in the value of Bitcoin Cash, and the movement of SegWit2x supporting investors, users, and businesses shifting toward Bitcoin Cash with one unified vision.

Consequently, the price of Bitcoin Cash has increased from $600 to $1,500 in the past week, reaching $2,800 earlier today. As the Bitcoin Cash price plunged from $2,800 to $1,500, the price of bitcoin recovered, from $5,700 to $6,200.


Can Bitcoin Initiate a New Rally?

As Xapo President Ted Rogers stated earlier today, on November 12, the surge in the price of Bitcoin Cash was not sustainable, given that there was no infrastructure, community and active user base to back such trend, even if the SegWit2x supporters have migrated to Bitcoin Cash.

While Bitcoin Cash has become too expensive at this point to obtain for investors, Rogers emphasized that bitcoin has become irresistibly cheap, given that the price of bitcoin peaked at $7,900 last week and it remains just below $6,300.



Like Rogers expected, traders have started to buy the dip, as the bitcoin price rebounded in a relatively short period. But, the question remains, can bitcoin initiate a new rally to recover to its all-time high of $7,900?

There exists several major events to acknowledge in evaluating the mid-term performance of bitcoin. Earlier today, Simon Dixon, the co-founder and CEO of BnkToTheFuture, stated that the bitcoin price will likely increase in the upcoming weeks due to the entrance of large-scale institutional and retail investors through strictly regulated bitcoin futures and derivatives exchanges.

CME Group and CBOE, two of the largest options exchange in the world, alongside LedgerX, will launch bitcoin options, futures, and derivatives targeting institutional investors by the end of 2017. CME Chairman Leo Melamed noted earlier this month that a growing number of hedge funds, investors, and investment firms have begun to consider bitcoin as a new asset class, not merely a digital currency.

Impact of Bitcoin Cash and Price Target by the End of 2017

If SegWit2x supporting businesses and miners from the original NYA / SegWit2x agreement continue to support Bitcoin Cash and build infrastructure around it, it is likely that Bitcoin Cash will co-exist with bitcoin as leaders of the cryptocurrency market.

As bitcoin and security expert Andreas Antonopoulos stated, the two cryptocurrencies can co-exist, as bitcoin and Ethereum have done for the past two years, as they operate with contrasting philosophies, visions, and strategies.

Even with Bitcoin Cash, the entrance of retail investors into the bitcoin sector will likely trigger a rapid increase in the demand for bitcoin as a store of value and safe haven asset, allowing it to achieve new highs in the mid-term.


Source: https://www.cryptocoinsnews.com/bitcoin-price-rebounds-from-5500-to-6200-ready-for-a-new-rally/

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[iamTom123]

As bitcoin and security expert Andreas Antonopoulos stated, the two cryptocurrencies can co-exist, as bitcoin and Ethereum have done for the past two years, as they operate with contrasting philosophies, visions, and strategies.

That is exactly my point. I don't understand why there seems to be a big war between the two. I don't believe that there is a necessity to kill Bitcoin just to promote the growth of BitCoinCash. There is a big room in the world of cryptocurrency for both coins to co-exist happily. Just like Ethereum, BCH can also be a good valued cryptocurrency offering itself as a good alternative to Bitcoin. People who are continuously claiming that BCH is the new Bitcoin are just promoting their own interest to the detriment of the whole cryptocurrency community. Before the year ends, we can clearly analyze and see what really transpired here and could derive some hard lessons we should be learning.

[moriskarlov]

A lot of people and me personally are expecting for new BTC rally wave. But slowly we are approaching to Christmas time, middle class may withdraw money from cryptocurrencies to buy expensive presents and different stuff.

[MoonJeina]

That was quite predictable . Bitcoin crashing so much in one night indicated that it might have steady rise now .
Many people panicked and dumped btc but that won't stop btc from rising . I mean the world's most populated country i.e China is not using bitcoin still it managed to get  as far as $7k . How can some people who dumped it can lead to its downfall . I am very much ready for the new rally .

[Lucius]

As was to be expected BTC price is at this moment 6700$+ and it is up more then 8% in last 24 hours.It seems that a good deal of money is coming back to BTC and to all others altcoins except BCH which go down more then 30% in last 24 hours.After the reduced number of unconfirmed transactions
is more than obvious that miners are come back to BTC.

Since Segwitx2 is just postponed I wonder if this whole situation can be repeated.People behind this attack will for sure use BTC again at some point,in a way to dump BTC when it reach high price and pump BCH again.How much it makes sense to them after this failure and do they try something simiar time will show.

It might be better to have a price for a while under 7000$,slower growth is always better and the correction that follows are not so dramatic.

[1Referee]

But slowly we are approaching to Christmas time, middle class may withdraw money from cryptocurrencies to buy expensive presents and different stuff.

Might be, but those who are liquidating some of their coins to buy presents with are in no shape or form going to affect the market, unless a huge number of people do this at the same time, which I very much doubt. If we look at the same period of time last year, the market moved up a bit, instead of going down. Other than that, people by default think that when the holidays are coming, the market will go down due to people's expenses, but more often than not, that's not the case. And if the market does happen to go down, it mostly has other reasons.

[rjbtc2017]

Glad it did. BCH shillers will not stop spamming the forum creating different threads about BCH.
Gladly they did not successfully created a big FUD out of rhis

BCH price also stabilized @1,500 then BTC rebounded from the dip which means that we have a new investors pumped BTC or either BCH pumpers already transferred money to BTC. It feels like they will create another FUD on this. Pumping BTC to create new highs and produce another forking issues to create FUD and once again , will highlight that BCH is their 'real bicoin' but I am confident that when the community unites to stop the BCH shillers Their dream of replacing Bitcoin will remain a dream.