magicpony
Short

Bitcoin cash will fail

BITFINEX:BCHUSD   None
Miners going nuts mining empty blocks, but how many real transactions are even going through here? Most exchanges don't even support bitcoin cash yet. So looks like classic pump and dump. Profitability in next few days on volatility but once the dumpening occurs forget about any upwards retracement.
I think there is more to this than a classic pump and dump. A lot of bitcoin owners are already making statements like "I want to own an equal amount of bitcoin and bitcoin cash to hedge my position" There is genuine fear out there amongst bitcoiners up at these price levels as BCH isn't going away anytime soon. BTC exchanges have simply collapsed under the weight. I think this could be an epic battle which still has a looooooooong way to go. What happens to the 'herd' when the next parabolic wave higher for BCH comes?
+2 Reply
magicpony Frisbyfont
@Frisbyfont, This is why my arrow points to next year. BCH wont die quickly. However, I see possibility of Segwit2x strikes back and the force returns to BTC. After BTH has been pumped, she will be dumped and when bagholders try and come home to bitcoin the rocket will already be in orbit while in retrospect BTH will look like a Space X launch that detonated on the pad.
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Frisbyfont magicpony
@magicpony, Interesting indeed. Words used in the announcement were suspended indefinitely which doesn't sound anytime soon. Unless they improve the BTC network surely it's doomed at somepoint to another coin? Could be a healthy trading range between $1000 and $15000 for now?
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I agree with your chart (we could discuss if the arrow should point to March or July or September). However, after a consolidation phase BCH will skyrocket to $5000.
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magicpony konstantinkoll
@konstantinkoll, seems highly unlikely given the lack of dev support for BCH, it is just the flavor of the week
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@magicpony, just as unlikely as a BCh for $2800 was three weeks ago, or a BTC for $7800 was in early 2023.
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@magicpony, @magicpony, just as unlikely as a BCH for $2800 was three weeks ago, or a BTC for $7800 was in early 2013.
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magicpony konstantinkoll
@konstantinkoll, BCH just got pushed around by some whales in concerted feeding frenzy. BTC has broad support by millions of little fish. Whales will always return to store of value when done with feeding frenzy on small cap crypto spin offs like BCH
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@magicpony, so we agree that BCH is going to correct over the next months to the $500 area?
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magicpony konstantinkoll
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