BTC (Bitcoin) and BCH (Bitcoin Cash) seem to be moving in opposition for their piece of the market. In the past 36 hours, BCH has made a huge increase in price equal to an amount taken from BTC. BCH also temporarily took a big chunk at its inception some weeks ago, followed by BTC taking it back.
A lot of people have been buying BTC recently and specifically as a long term store of value. They feel like BTC is the real deal and the winner that will not go away. They feel they can just buy BTC and wait for it to appreciate.
This tug-o-war has a potential to make many people question this assumption. Is BTC or is BCH the real Bitcoin?
BCH has potential in the short term to double again, while BTC has potential to subtract the same amount. The prices of the two have potential to become quite a bit closer than even now.
While this may not be a big problem for the market in the next few days, people could begin feeling uncertain about BTC. And people will then also feel uncertain about BCH. Uncertainty has potential to do great damage to both. I have no specific prediction for the near future, but I will say things could get pretty sketchy pretty quick here.
I agree 100 percent. Believe this is the whole purpose of this manipulation today. There was a clear opposite correlation and they were putting fake buy and sell walls to push one and pull the other. It was fun for those who made money today but do believe long term this could cause confusion and believe this will take money from btc. Does that long term drive price down? probably but does that mean it still doesn't go up? I think price will go up but maybe not as much as it could... I don't know just a thought