As Bitcoin hovers around the historic $7’000 mark, talk of retraces is growing, with one analyst 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, analyst Tone Vays concluded.
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 #SegWit2X HF, the damage by these bad actors has been done! So I’m expecting a crash to $5,000 either way
— Tone Vays [#NO2X] (@ToneVays) November 2, 2017
Vays had predicted Bitcoin hitting $6,900 by Nov. 5, but expectations were beaten slightly by an additional move by Wall Street giant CME Group to offer Bitcoin futures trading later this year.
SegWit2x is due to fork off from the network around Nov. 18, with a release slated shortly afterward.
Futures trading of the new Bitcoin fork is steadily rising, prices currently around $1,150 from $800 on Oct. 21 according to data from Coinmarketcap.
Traders are doubling down on BTC while industry businesses and figures adopt increasingly entrenched positions for or against the hard fork.
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