Bitcoin Likely to Head Towards 5500+ After the Hard Fork

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
It appears that now that the Hard Fork is past us, Bitcoin is in a very bullish neutral triangle pattern . This pattern is most likely completing either now, or within the next 2 weeks, and when it does complete it should start climbing to the next major resistance around 5500 USD. In the longer-term it will likely go significantly higher than 5500, probably well over 20k by the end of next year. This will likely be one of the lowest prices we will see for Bitcoin as the general uptrend continues for the next few years. The intermediate Elliott Wave pattern is very clearly some sort of triangle, and it is very likely that this resolves up eventually. The triangle will be confirmed if we break All time high, when that happens we should gain a lot of bullish momentum and there will likely be a lot of breadth in the entire cryptocurrency market. I will be sharing which altcoins I think will be more profitable than Bitcoin to buy with my paid subscribers. While Bitcoin is going to be significantly profitable, I think many smaller coins will have much larger percent advances, meaning they will be significantly more profitable to hold than Bitcoin over the same period of time. It would not surprise me to actually see Bitcoin eventually losing its market cap dominance to some other coins, while still being an extremely profitable investment in itself.

The Hard fork itself is not really going to have a major affect on Bitcoin , it was simply the creation of a new altcoin ( Bitcoin Cash ) which will likely be about as successful as ETC is compared to ETH. While a significant amount of the hashing power went with Bitcoin Cash , the majority of the market stayed on the BTC chain, so not very much has changed except that there is a new altcoin with decently large market cap and hashing power. Bitcoin Cash in itself could do fairly well too, just like most cryptocurrencies. Many people are making the assumption that only one coin can survive, which is the exact same thing people said during the ETH hardfork, but the evidence clearly shows that both chains can survive, and thrive, at the same time.
Comment: 5500! :)


Over a month late & after a 90% retrace, you've come to update this with a "5500" epic comment ? lol
+1 Reply
@ffs, easy prediction, i bet 10K before 2018
@ffs, ?? This post is from August 1st, anyhow, did you have the curiosity to know more about him before threw this out?
congrats!! whats next? :)
nicely done. And what do you think of arkcoin? The symbol is BITTREX:ARKBTC
major fork isn't ended, you forget segwit 2x, big fight against original bitcoin, there will have blood in he street if all pool split on 2x, bitcoin market is in suffering for this end year.
gaia majic92
@majic92, segwit2x/NYA was a way to compromise with big blockers. now that big blockers are happy with their own altcoin, segwit2x will not happen because it doesn't need to happen.
The fork is past us but the politics continues. We need major money in the market and they just will not touch this until everything is settled. BCH pushing $750 means it isn't settled, despite the technical aspect of it. Prepare for false flags from now until December. We just don't have the buyers to push it that far.
If you are counting your bullish triangle as starting on 7/26, it could just as easily be drawing a bearish flag pattern. If you're trying to go all the way back to 7/16 I'd say that's a stretch. Regardless, technical analysis with a complete lack of consideration of fundamentals in an arguably news-driven currency is not really a good idea. To call the hard fork "behind us" 5.5 hours after BCC was due to arrive is a tad premature. As people have been commenting, it hasn't exactly taken off yet. Ergo, it's full effects are not factored in. Bitcoin just went through the currency equivalent of a stock split, and nobody knows just what the heck that entails yet. We're in uncharted waters.

FOMO is one of the cardinal behavioral sins of traders and investors. Why don't we wait just a little bit to see the dust settle before we call BC's ascent to the moon?
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