As you can see here Bitcoin is has consolidated into a beautiful ascending triangle formation. A weekly break above $2600 is key which is slightly above the triangle. There is strong resistance at this level so a solid break above $2600 I am expecting to see big % gains the days that follow.
For anyone who follows me knows I do not believe that much in technical charts but in this case its a near perfect formation + the fundamentals are very strong with Segwit approaching by Aug. 1st.
The main reason I am incredibly bullish on Bitcoin right now is that the NY agreement AKA Segwit2X has gained approx. 90% of the Bitcoin hashing power to signal intention to activate this scaling solution. No other scaling solution has gained this much support since the scaling debate broke out in 2015. Notice I said this is the miners "intent" to activate Segwit2X. Next week the miners will have a chance to test actual code and begin to signal "for real" Segwit2X.
Now this is just my opinion but I believe very strongly Segwit2X will lock in the next few weeks and the Bitcoin price will soar. Sure there could be a minority chain spilt and that would not be good but I believe its unlikely to happen. If the chain does split I think over 90% of the entire BTC market including exchanges and miners will be with Segwit2X and after lots of volatility we'd still see a massive rally on the Segwit chain.
So if this Wu Jihan still wants to go through with his contingency plan I say let him go off on his marry way and let the market decide which Bitcoin they want.
I know which Bitcoin I will support. How about you?
Hell yeah! That was one hell of a motivational pump me up for BTC. Especially two days later when it has not rallied, but dumped. I lucky me, I picked some up today.
Time to pick up some bitcoins :)
I cannot wait until segwit activation:) it's kind of tough showing people this new technology, and it doesn't really work how you say it will. I see bright times ahead!🌤 Thanks for sharing @hedge-x
BTW I don't believe Segwit2X is priced in the BTC market yet. This could be Bitcoin's biggest moment ever.
exactly, a lot of people are speculating over the market cap alone. Segwit2X and the halving in 2020 are the biggest mile stones !!!
Bitcoin also ran the least since the March ETF decision. A lot of the negativity was coming from BTC scaling debate, which I believe now will be fully resolved in one way or the other. Markets are always irrational both ways. I see Bitcoin in particular undervalued right now. Before Segwit activates I think we will see a FOMO run with price like crazy % and volumes.
Wait and see what will happen but sure it can be a very big thing for BTC. thanks
If you are not already holding I would not wait and see. BTC market is gearing up for major rally right here as I type this. Its very possible to see a doubling before it activates. Market may even sell off on the news. Segwit looks extremely likely though which is great for Bitcoin short and longterm. Even others major coins should get dragged up with BTC.
Let's see what will happen. Cryptocurrencies are so unstable these day, but I hope your right.
Great article, great points and great logic. Thank you for the post - totally agree with you. Upvoted and followed you. Feel free to do the same.
Thanks! I would like to know your opinion about alts? Do you think all will go up with bitcoin scaling resolution? Or bitcoin much more?