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Traders Remain Confident Bitcoin Value Will go up Further Despite Fork Risks

Avatar newsbtc 2 years ago

Things are getting quite interesting as far as Bitcoin is concerned. More specifically, there is a serious fork potential to this very day. Even though Bitcoin Cash split off already, SegWit2x still poses a risk. Most traders aren’t too concerned about these potential forks, though. Instead, they see a bright future ahead for the Bitcoin price in general. Whether or not they are correct, remains to be determined, though.

The split between BTC and BCH hasn’t caused any major issues. In fact, both ecosystems seem to be just fine on their own. The Bitcoin Cash price is still going down quite a bit as we speak, though. However, this “split” has not caused any of the issues people assumed at first.  Then again, that doesn’t mean Bitcoin won’t face any future challenges either. There is still a chance SegWit2x supporters will split off from the main chain as well.  That poses yet another risk for Bitcoin supporters, although things are not necessarily gloomy either.

A new Bitcoin Fork can Create Major Waves

In fact, the opposite effect may occur. Mooti Digital identity CEO Brad Chun feels more institutional money will pour into Bitcoin in the future. With the BTC price reaching new all-time highs in quick succession last week, things look pretty good for the time being, to say the least. The future’s looking brighter than ever for Bitcoin, that much is evident. Whether or not we will see any further notable gains this year, remains to be seen. Some people feel BTC will reach US$5, 000 by December 31st. An ambitious goal, but not one that is impossible to achieve either

It will all depend on whether or not we will see more Bitcoin forks in the future, though. Bitcoin Cash is off doing its own thing, that much is evident. Bitcoin survived this split without too many problems. In fact, the BTC price went up as a result of this fork. That is a rather intriguing turn of events, to say the least. Many people predicted the price would take a turn for the worse, but that hasn’t happened so far. Traders perform actions based on technical analysis, which is still quite bullish for now. It is evident good things may happen for Bitcoin in the future.

The upcoming SegWit2x hard fork, however, still leaves room for confusion and speculation. The year 2017 has been pretty solid for Bitcoin as a whole. However, what goes up in value must eventually come down as well. A second fork this year can send the markets in either direction pretty quickly. After all, it only takes a small bit of news to send the market into a downward spiral again. After so much positive news, there is a lot of hype, but that can’t be sustained indefinitely either. It will be interesting to see what happens to Bitcoin in the future. A new fork will have consequence sin one way or another, though.

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