Bitcoin 12th November Post 2017

Bitcoin 12^th November Post 2017

Bitcoin reached an all-time high on Wednesday the 8^th November at over $10,250 AUD. There is a lot of speculation as to what drove it to this level. It seems that there are a few factors that may be involved.

The upcoming contentious hard fork 2X is now possibly cancelled (but we’ll have to wait and see as Bitpico is saying that they will still introduce the code and some others are speculating that others may still introduce the code). We may have seen new money enter the market with the prospect of a coin split and possibly new value on a 2X chain.  FOMO (Fear Of Missing Out) as the price rose.

The announcement that CME group will be introducing a Bitcoin Reference Rate BRR & a Bitcoin Real Time Index BRTI as instruments to track the flow of major Bitcoin exchanges and calculate a once a day Bitcoin price relative to the US dollar & the real-time price by aggregating global buy/ sell orders. These metrics and independent oversight will provide a framework to allow financial institutions to become players in the market.

After the announcement of the ‘cancellation of 2X’ the market has pulled back as would be expected, without the prospect of free coins and a market top called it seems that we hit resistance.

The price over the last couple of days has reflected this, currently sitting at around $8787 AUD on the 11^th Nov & around $7972 AUD today.

So where to from here? My assessment is that we will have a cyclic pullback and consolidation around this price for a couple of weeks till the 2X issue is behind us. The movements from Rojer Ver pushing Bcash hard across all his platforms and sphere's of influence is affecting price too. There is manipulative selling as we see some big candles on the charts where there was significant volume dumped. Historically this is normal and in my opinion just another round of market manipulation. I anticipate to see a fall back to as low as $5800 AUD as the market resistance (market manipulators won’t want to go past this as this will be an area of lost profits, however these losses and more can be sustained by those that got in early this year at the $1500 mark. I wouldn’t be surprised to see a massive downturn and them some huge volume buy back by the whales.

I expect that we will see a lot of FUD (Fear Uncertainty Doubt) be pushed through the media if you bought Bitcoin high just hold you might as well, as now you're in this game. If you weak hand you will lose a little or a lot, remember you only invest what you are willing to lose, and you should be willing to lose it all if you believe in this technology. I certainly do and encourage those new into this digital asset class to familiarise themselves with all the top 50 digital assets and understand the value propositions that they have as each is unique, some more so than others.

I see for the short-term panic selling across the board, with weak hands being wrecked. Based on the historical chart of Bitcoin a price of approximately $12,000 AUD by Jan-Feb 2018 is expected with a big dump before and parabolic growth over time. It is looking like a $50,000 AUD price by next Dec 2018.

At the moment with the market cap in digital assets, it’s a good time to investigate the other value propositions in the space. There is a lot of merit in assets such as Litecoin, Monero and many of the others..

Before signing off this blog it is important to be aware that Bitcoin is Bitcoin, and the narrative at the moment that is being pushed by Bcash and other stakeholders is dangerous. THERE IS ONLY ONE BITCOIN and we shouldn't be naming it bitcoin segwit 1x, bitcoin segwit 2x, that plays into fragmenting the market.

Happy Bitcoining..