bitcoin5k

Bitcoin hitting 5k

In the next twenty hours, Bitcoin could hit again the 5K price and keep ascending as November hard fork gets nearer.

In the last 24 hours, there has been a big trading volume in BTC that hit 2 billion dollars and moved Bitcoin price from $4600 to $4925 in just some hours.

Why so much volume?

During the last week, BTC prices experimented a bullish uprising, as it appeared in CoinStaker yesterday. Experts in the matter believe that it is related to the fact that in the next month there will be a new hard fork.

Taking a closer look to the seven days’ graphic of the other cryptocurrencies on the market, we see that there is a decline in some of them and at the same time Bitcoin is growing strongly. For example, Bitcoin Cash (BCH), NEM (XEM), IOTA (MIOTA) or Monero (XMR) experimented loses in the seven day’s period.

The matter is that investors are moving money away from their alternative cryptocurrencies and putting them into Bitcoin. In this way, they make sure that, after the hard fork, they will get as many Bitcoin Gold coins as Bitcoins they have. Something similar happened in August when Bitcoin Cash split from Bitcoin. The owners of Bitcoins could have the same amount of Bitcoins but in Bitcoin Cash.

What is Bitcoin Gold?

Bitcoin Gold (BTG) was created by Jack Liao, the CEO of LightningASIC, a mining firm in Hong Kong. What BTG tries to change is the way Bitcoins are scattered, defying big mining corporations that are now in possession of big amounts of Bitcoins. Indeed, most of those firms are opposed to this hard fork, but ultimately, the investors and the market are the ones that decide which “Bitcoin” is the best.

Is the Bitcoin Gold fake?

One theory that appeared in internet was the idea that Bitcoin Gold is just an attack to the Bitcoin community. In this way, Bitcoin would have less supporters and some investors would move away from it to Bitcoin Gold or other cryptocurrencies with no forks planned.

Another theory that was circulating in different blogs, is that Bitcoin Gold is being pre-mined.  The fork for BTG was meant to happen at block 478.000. We have already passed the block number 488.000. If the information provided by BTG is right, we would already have some BTG coins.

Where will Bitcoin Price go?

We could see Bitcoin crossing the resistance price of $5000 dollars and then test it a couple of times before going down again after a sell off. If buyers keep appearing as they are doing now, a sell off wouldn’t be expected. But Following StochRSI indicator, we see that, we are facing an overbought situation that could let us believe that soon the sellers would place sell orders around $5000 provoking a price reversal.

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