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BITCOIN CROSSES....... $7,000, For No Obvious Reasons, Analyst predict $5,000 Correction

TheMrkle Exchanges Supporting Bitcoin Cash

This is what hype could happen to a highly volatile market like the cryptocurrency market.  For no apparent reasons, Bitcoin just cross the $7,000 mark this morning, leaving hundreds of altcoin tied to bitcoin losing between 50% to 70% of their value within one week.

However, analysts are predicting an inevitable fall back to $5,000. 

Despite prices growing at an unprecedented rate this week, the fallout over SegWit2x will trigger a correction “no matter how high” Bitcoin gets,  says one analyst, Tone Vays. In amendments to his short-term Bitcoin price outlook versus USD Wednesday, Vays said the “damage has been done” by the upcoming hard fork.

“No matter how high we get before (the SegWit2x hard fork), the damage by these bad actors has been done! So I'm expecting a crash to $5,000 or even lower after the fork.

Vays had predicted Bitcoin hitting $6,900 by Nov. 5, but expectations were beaten in light of an additional move by Wall Street giant CME Group to debut Bitcoin futures trading later this year.

SegWit2x is due to fork off from the network around Nov. 18, with a release slated shortly afterwards. Futures trading of the new Bitcoin fork is steadily rising, prices currently around $1,200 from an opening $810 Oct. 21 according to market data.

Traders are doubling down on BTC while industry businesses and figures adopt increasingly entrenched positions for or against the hard fork.

FIRE:  One of the official had suggested that bitcoin be separated from the blockchain. I think, bitcoin should be separated from the other altcoins for the sake of cryptocurrency market price stability.  Each time bitcoin goes up and continues to rise....the other coins are automatically on the loosing stream.


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