This is the moment of truth for bitcoin

[Dan]

This year we saw the biggest rise in bitcoin ever experienced, followed by a relatively large correction over the end of December and Christmas period. As the festive season starts to subside, and we enter the new year, it is expected that the future of bitcoin's value will be determined over the next few weeks.

If we start to see bitcoin push past the current resistance level of $20,000 USD, we could see the next run taking us almost 3 times higher (at least) during the 2018 year. With the segwit2x update being put back into motion and the lightning network prospects, could these updates potentially put bitcoin in a position to solve the real world use cases that it currently lacks?

If we see bitcoin fall below the support level of $10,000 USD, we could also see a rather large sell off, as general sentiment for Bitcoin loses its momentum. This can certainly happen if the further attempt at segwit2x is cancelled and the lightning network is abandoned.

What are your thoughts?

[Franchico03]

That's pretty hard to say but I guess the fall on that holidays time was because many people were selling theirs BTC/Satoshis to buy presents and others were just selling to recover money or sell for a high price and buy for the smallest one... I think in the end of january / beginning of february the price may maintain, it's just my humble opinion.

 

Best wishes,
Happy New Year to you and your family

[wry]

There is no way to know of course but it is fun to speculate.  I had not heard that there was some rumblings that 2x might be moving again, that would be very helpful.

BTC has had an amazing run up, it feels like 2013 to me (where the price rise was actually more in percentage terms).  If so, then the next couple of years will see some retrenchment and consolidation.  It would not surprise me to see BTC drift down to 12K or so and stabilize around there or even a bit lower.  I agree a sustained period below 10K would be difficult to overcome.

For me the big change is the futures market, (you were kind enough to comment in that thread, thanks!) which allows people to bet against Bitcoin without ever having to have owned any.  I know this causes all sorts of butthurt with gold bugs and so I expect we'll be in for similar treatment.  Lots of people think they are going to make a lot of money shooting against our "bubble", we'll see.  Frankly, that's another reason to like some high quality altcoins right now, no Wall Street money shooting against them.

 

[Kargai]

The Segwit2X thingy is not the previous one or a better BTC, it will be an ALTCOIN like BCH or Bitcoin Gold. So it will not fix anything on the main blockchain BTC. Remember that BTC is open source so anyone can put a fork on it easily, that's how Bitcoin Platinum was a scam.

I personnaly see 2 possiblities : or BTC will start to grow again starting next week (return of the traders after the holidays) or it will stagnate and BCH will rise at his place.

 

[maverick528]

I think BTC will rise to the 20K level again, maybe even more.

As a substitute of normal money, it is failing, because you can not buy a pizza or similar low priced items if the fees are so big, and also transactions take several hours or days to be confirmed.

The promise of BTC was to have very low fees and to be able to complete transactions very fast.

But BTC will rise again because it is now a tool for speculation, and also to transfer big mounts of money with no control from any government, sometimes for illegal activities.

For that illegal purposes, they don´t mind paying very high fees. And since the number of BTCs is limited and also more and more people are holding, if I need to move several million dollars I need to buy lots of BTCs. And that means, rise of price.

 

 

[Ucrypto]

I think it will rise. But very good moment to buy bitcoins now;)

[bUZz]

I think it will go over 20k in 2018, but not 50k like some are speculating...

[Dan]

Bitcoin hit less than 36% market dominance recently. Is this the end?

[wry]

16 minutes ago, Dan said:

Bitcoin hit less than 36% market dominance recently. Is this the end?

I seriously doubt it.  Right now Bitcoin is the Britany Spears of the crypto world, it's had a breathtaking and amazing advance, is over exposed and drawing some negative attention.  (Aided by the futures we've discussed.)  As BTC drops the alts seem to increase in value.  As BTC bounces back, the alts will drop.  An interesting questions is what should BTCs market dominance be?  

[Dan]

1 hour ago, wry said:

I seriously doubt it.  Right now Bitcoin is the Britany Spears of the crypto world, it's had a breathtaking and amazing advance, is over exposed and drawing some negative attention.  (Aided by the futures we've discussed.)  As BTC drops the alts seem to increase in value.  As BTC bounces back, the alts will drop.  An interesting questions is what should BTCs market dominance be?  

That is very true, it's an interesting question to evaluate, what is an efficient dominance percentage for bitcoin if we want to maintain a healthy market? Or should we not be aiming for a healthy market? I really don't know, its all still incredibly new and foreign to me.

[Kargai]

It's not the end. But now investors start to realize that it will be hard for them to make a high multiplier with BTC. 10x will be very hard to achieve, but it's still very doable with altcoins.

And less dominance is a more healthy market. It's proof that other currencies have great ideas too. If BTC fall for any reasons, the earthquake will be less important if it had 20 or 25% than if they still have 60% like few weeks ago.

[skillex]

Its really hard to predict Bitcoins price run, many got nervous investing big now because of its always unstable price and some are nervous that maybe bitcoin is really a bubble; well no one really knows.But in my own opinion as what Ive observe since Bitcoin is currently a pioneering and dominating crypto now, Every dumping or selling happening in the market by big whales really affects much its price since mostly all percentage volume of people holding any crypto has more holdings on bitcoin. And especially holiday season is a very big dumping since ,mostly all people needs fiat money and so the price drop occur normally..but I believe will just probably go up for $28k this end of januray after yole tide season.