Trading Insight: Be Skeptical With Bitcoin Until After August
Don’t Buy During a Rush
Usually when you see a significant drop in value over the course of a day it's a great time to buy, it might seem like common sense but when it comes to investments, common sense is rarely common... With cryptocurrencies, it seems that the majority of people who are interested in buying only start doing so after the price starts increasing rapidly, and people sell when they feel their investment is losing value. Basically, most people end up buying high and selling low which is literally the opposite of profitable. Today I've been watching Bitcoin closely; it's tempting to jump in when there is a small dip in price, to be honest I probably would have a month ago however with the pro-Ethereum sentiment and the User Activated Soft Fork just over the horizon I'm pretty skeptical with Bitcoin at the moment.
Prediction
In the early days of August, I think a lot of people will be exchanging their Bitcoin for Ethereum while they wait to see how the UASF works out, this will probably cause a significant loss of value for Bitcoin which also means it will present a great buying opportunity on the hope it will all work out. I would actually advise trading Bitcoin for Ethereum as soon as you can, Ethereum has much further to go in terms of growth and doesn’t suffer the same extortionate transaction fees, as well as an existential threat resulting from a total change of the infrastructure expected in Bitcoin over the next few months.
I dunno, I have faith in bitcoin!
Me too to an extent, I still bought when the price dropped, I think at this point Bitcoin is almost like a gold standard in cryptocurrencies, given its size and reach it will almost definitely get through any coming problems, but I feel it's going to be a bumpy ride up to September!
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This is an interesting insight. Thank you for sharing :)
i agree with you, i still think bitcoin will get through but it will be a turbulent ride. Right in the middle of the mess might be an opportunity to buy and profit in the long run.
If your making a gamble when Bitcoin forks you could definitely make a lot from it, but if you're on the wrong side of the the fork then anything you buy will be invalidated.
Of course that depends on whether you are trading actual Bitcoin or speculating through a CFD (which is what I do mostly)