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Following the cancellation of the SegWit2x Rigid Fork, the price of bitcoin has risen sharply by $ 7,300. at $ 7,900. After reaching a new record high, the price of bitcoin has fallen to $ 7,200 since.
As CCN has already reported, highly esteemed analysts and bitcoin researchers, including Will Woo of Woobull.com, predicted that the price of bitcoin would suffer a major correction, investors previously allocated their alternative cryptocurrency funds (bitcoin). for the sole purpose of getting the SegWit2x coin or B2X after the hard fork move their bitcoin funds to altcoins.
Chris Burniske, Partner at Placeholder Venture Capital and former Cryptocurrency Investment Manager at ARK Invest, demonstrated the conflict between B2D investors and bitcoin holders with the graph below.
Epic Battle on the #bitcoin markets right now between * traders * due to lack of dividend "$ B2X" & * investors * due to the absence of # SegWit2x pic.twitter. com / 0FJt0Aj01J
– Chris Burniske (@cburniske) November 8, 2017
Bitcoin bullish indicator: Despite the liquidation, the Bitcoin price remains at $ 7,200
Despite the massive sell-off of B2X-looking investors who had the intention of taking the newly created B2X chips on the SegWit2x rigid fork of November 16 and selling their bitcoins to invest in altcoins, the price bitcoin remained brand.
Such a trend is certainly a bullish indicator of short and medium term growth of bitcoin, as it has allowed bitcoin to position itself for another strong recovery in the coming weeks. Many analysts were waiting for the cancellation or execution of the SegWit2x rigid fork to cause a fall in the price of bitcoin, as one of these two scenarios would have forced investors altcoin to reallocate their bitcoin funds to altcoins after being credited with SegWit2x.
Moreover, as noted by Jimmy Song and Tone Vays in their special SegWit2x podcast on World Crypto News, the bitcoin market and its investors are confident in the short and medium term performance of bitcoin, now that uncertainty surrounds the SegWit2x rigid fork has been eliminated.
It is also important to recognize the launch of a significant bitcoin futures market by CME Group at the end of the fourth quarter of 2017, as this will result in large institutional and retail investors migrating to the US. Cash on the sidelines "stored in offshore bank accounts, wealth management products (WMPs), and traditional bitcoin shelter assets.
The movement of hedge funds, institutional investors and high-level traders will lead to a rapid increase in the liquidity of bitcoin and the entire cryptocurrency market, which is a bullish indicator in the short term.
Bitcoin survived SegWit2x, from where does it come from?
The bitcoin market has survived thanks to SegWit2x without a hard fork, uncertainty on a divided channel, and massive selling. With a bitcoin price of more than $ 7,200, even after the liquidation of investors who planned to withdraw their B2X dividends, it is in an optimal position to create a bullish momentum and initiate a further surge in the coming weeks.
As President Emeritus of CME Group Leo Melamed stated Bitcoin is not just a digital currency but a new class of assets. Hedge funds, institutional investors, high-level traders and large investment firms are beginning to see the trend evolve from traditional haven assets to bitcoin.
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