With bitcoin soaring to new heights in 2017, the question on everyone’s mind is whether it will climb further, continue in a sideways pattern, or bottom out.
August 1st represents a big day for bitcoin as Segwit2x approaches. Uncertainty surrounding what will happen to bitcoin has clearly played a big part in bitcoin’s recent movement, as people begin moving back to fiat currency in the case that bitcoin drops below $2000.
Bitcoin could drop down below $2000 which would allow for investors to get back into bitcoin at a better price.
However, bitcoin could also go the other direction and head upwards to $4000. Due to the 50/50 split on what everyone thinks will happen, at this point it would be safer to invest in fiat currencies while bitcoin adjusts to segwit2x and the block size in cease three months later.
At this point it would be safe to focus on fiat trading rather than bitcoin trading. Once bitcoin has found its feet and gone through the segwit2x and block size increase, we can get an idea of where bitcoin will be going from there.
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Business Development Manager South Africa