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A number of reasons have pushed bitcoin to record highs, such as legalization of the currency in Japan for payments, boosted interest from Korea, as well as the conclusion of a debate about the future of the cryptocurrency. This December is so far the worst December since 1931. Following January 2015, the asset began to rally again. Speculators were selling Bitcoin because they overbought it in the run-up to the fork, since they wanted to get more of new Bitcoin Gold and then sell it too or hold it (depending on the market). Remember that when this hard fork happens, every Bitcoin owner will receive the same amount of new coin (Bitcoin Gold equal to the amount of their Bitcoin holdings at that time. For the shorter-term, we might see Bitcoin getting closer to the 4000 again, as the 4-hour charts Stochastic RSI is about to cross over on the oversold area.
Just like in the case of the previous Bitcoin Cash fork, the idea is to make money once the new coin is released. Due to the fact that the 2014 correction that bitcoin price correction came in a fast-forward manner, there is a high probability that the 2018 BTC correction will end faster considering the market condition and regulatory industries.
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So while the long-term prospect of bitcoin seems to be positive, in the near-term, traders could see a pull-back. Show chapters, but after that, there should be a sustained rally to 3,350 bitcoin information and then 4,480 in 2018, Duke said. One of those ratios.8 percent. He believes that Bitcoin can reach over 40,000 by the end of 2018. The current uptrend has other things working behind the scenes. This one may cause more volatility than Bitcoin Gold.