Another Fork, Bitcoin Price Drops Below $4,000

Bitcoin had yet another fork recently (November 25) which caused another market slump.

Or as described on Forbes: Bitcoin – Stick A Fork In It – It’s Done

Many are contacting us on twitter asking Why Bitcoin is falling? So we would like to answer you all at once.

It is not just Bitcoin, the entire cryptocurrency market has lost ± 10 billion us-dollars. (according to coinmarketcap).

The main reason behind the recent drops is Bitcoin Cash hard fork. The latest hash war, which many consider the second most relevant hard fork since the Bitcoin Cash itself has just hit the market.



BTCUSD – 1M Chart Analysis by ReadBTC on TradingView.com

After the market capitalization has been decreased a lot,  prices of the major coins have dropped aggressively with Bitcoin -10.57% breaking the previous “bottom” and reaching the Support Level of 4295$.

Of course, if the positive news will start to come and it will bring higher trading volumes, the situation can change and the price will have chances to go again above the Resistance Level of 6641$. 

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https://www.tradingview.com/u/ReadBTC/

So what is the difference between a “Fork” and a “Hard Fork”?

A fork is simply updating or editing a cryptocurrency’s software code.

While hard fork means that the new software version doesn’t fit the old network’s requirements. And here we are, feeling stabbed by this Hard Fork. (Isn’t it feel hard?)

As Bitcoin and Bitcoin Cash faced off against each other, investors felt uncertain and cashed out, causing a loss of several billion dollars.

Currently, many speculators claim that what we really need is the price to get more attractive, and the pending fundamentals will get approved (ETF).

On the other side of the world, Zhao Dong, one of the most influential Bitcoin Billionaires in China has recently shared his prediction to Bitcoin heading to $50,000 by 2020 (3-Years from now).

He has been explaining to his followers on Weibo that even the current price levels seem low, his mind is strongly bullish.

““In the bull market, I don’t persuade people to buy Bitcoin, because it seems easy to make quick money but in fact, it is not. Now I start to talk people into buying Bitcoin. Those who make truckloads of money do not have a very short-term speculative driven investment mindset. Perhaps Bitcoin price will continue to drop even lower, and it may fall up to 50 percent. But it is still worth steadily acquiring coins every time it hits a new low. You possibly see a yield of 100 to 200 percent in 3 years.”

source: https://weibo.com/zhaodong1982

We’ve asked you in our social media to get your opinion, do you personally think that we are heading to $3,000? Find the results below.

The hard fork isn’t the only thing that creates the panic in the cryptocurrency market.  

Exchanges are being raided on a weekly basis by local authorities, and after a year of losses, some of you just feel like giving up or already did.

So is that a good time to invest?

Who knows, but remember that if you buy cryptocurrency and hope you will make a quick buck, be ready for the opposite direction as well – as this is the best lesson of 2018 up to date.

But remember,  why you joined in the first place – you’re not losing if you are not selling. 

At the time writing, Bitcoin (BTC) price is $3,990. 

“Hoddlers”, let’s pray harder! 🙂