When will Bitcoin smash through $3000 USD?
When will Bitcoin smash through $3000 USD?
The Bitcoin price is hovering just under $3000 USD, when will it break through and what does this mean?
The price has neared the $3000 mark with trades at $2922 three days ago. There is uncertainty in the market because of the upcoming; user activated soft fork (UASF) and whether this will be adopted globally. The realities are;
What is also certain is that IF a UASF is adopted smoothly the price of Bitcoin will surge forward relentlessly. Both because of the certainty in the market and the technological advantages that it will bring. With baited breath users are waiting for the Lightning Network to be adopted, which will speed up transactions and other add-on's to the Bitcoin core will allow developers to build upon the platform with the introduction of smart contracts and everything else that we are yet to see.
So as a Bitcoin user what does this mean for you? If you are using it as a transaction method, keep using it up until just before the BIP148 implementation and ensure that your transactions are 'settled' before 1 August.
As a person using it as a store of value? there is a large amount of uncertainty will it go the way of Ethereum and Ethereum Classic and which one will Bitcoin core be or will it just adapt and stay true to the core?
For those willing to take the risk we will see heavy investment prior to 1 Aug, why? because once (hopefully with no chain split) BIP148 is implemented, the price will start to soar, with heavy adoption into the mainstream as a financial tool, a software platform and a store of value.
My prediction (totally speculative) is;
Lets wait and see...... happy Bitcoin-ing..
The Bitcoin price is hovering just under $3000 USD, when will it break through and what does this mean?
The price has neared the $3000 mark with trades at $2922 three days ago. There is uncertainty in the market because of the upcoming; user activated soft fork (UASF) and whether this will be adopted globally. The realities are;
- UASF mass adoption and legacy chain being maintained,
- UASF and miner split causing a split chain, this will lead to a large amount of uncertainty and will require time for the implications to be fully understood. Where will the majority of developers go, which platforms will support what? what does it mean for the price? of both legacy and new chain? and what are the scaling and technological advantages of each.
- Will the chains re-merge after this shake up?
What is also certain is that IF a UASF is adopted smoothly the price of Bitcoin will surge forward relentlessly. Both because of the certainty in the market and the technological advantages that it will bring. With baited breath users are waiting for the Lightning Network to be adopted, which will speed up transactions and other add-on's to the Bitcoin core will allow developers to build upon the platform with the introduction of smart contracts and everything else that we are yet to see.
So as a Bitcoin user what does this mean for you? If you are using it as a transaction method, keep using it up until just before the BIP148 implementation and ensure that your transactions are 'settled' before 1 August.
As a person using it as a store of value? there is a large amount of uncertainty will it go the way of Ethereum and Ethereum Classic and which one will Bitcoin core be or will it just adapt and stay true to the core?
For those willing to take the risk we will see heavy investment prior to 1 Aug, why? because once (hopefully with no chain split) BIP148 is implemented, the price will start to soar, with heavy adoption into the mainstream as a financial tool, a software platform and a store of value.
My prediction (totally speculative) is;
- BIP148 adoption,
- no chain split and
- The price of Bitcoin smashing through $3000 USD prior to 1 Aug, with a price pull back to around $2700, Then a surge after 1 Aug
- A price break though to $8000 USD by the end of the year.
Lets wait and see...... happy Bitcoin-ing..
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