It appears that now that the Hard Fork is past us, Bitcoin is in a very bullish neutral triangle pattern. This pattern is most likely completing either now, or within the next 2 weeks, and when it does complete it should start climbing to the next major resistance around 5500 USD. In the longer-term it will likely go significantly higher than 5500, probably well over 20k by the end of next year. This will likely be one of the lowest prices we will see for Bitcoin as the general uptrend continues for the next few years. The intermediate Elliott Wave pattern is very clearly some sort of triangle, and it is very likely that this resolves up eventually. The triangle will be confirmed if we break All time high, when that happens we should gain a lot of bullish momentum and there will likely be a lot of breadth in the entire cryptocurrency market. I will be sharing which altcoins I think will be more profitable than Bitcoin to buy with my paid subscribers. While Bitcoin is going to be significantly profitable, I think many smaller coins will have much larger percent advances, meaning they will be significantly more profitable to hold than Bitcoin over the same period of time. It would not surprise me to actually see Bitcoin eventually losing its market cap dominance to some other coins, while still being an extremely profitable investment in itself.
The Hard fork itself is not really going to have a major affect on Bitcoin, it was simply the creation of a new altcoin (Bitcoin Cash) which will likely be about as successful as ETC is compared to ETH. While a significant amount of the hashing power went with Bitcoin Cash, the majority of the market stayed on the BTC chain, so not very much has changed except that there is a new altcoin with decently large market cap and hashing power. Bitcoin Cash in itself could do fairly well too, just like most cryptocurrencies. Many people are making the assumption that only one coin can survive, which is the exact same thing people said during the ETH hardfork, but the evidence clearly shows that both chains can survive, and thrive, at the same time.
@Rivet.popper, true. This info is wrong. No miners interested to mining BCC.
Intuit
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@genautech, Many miners with SHA256 ASICs will mine whatever is most profitable to mine, either BCH or BTC, depending on the difficulty. Why would you mine BTC if its x times more profitable to mine BCH, and vice versa, all you have to do is change 1 line of code in your config file to point it at a different pool because they both use the same algorithm. Only miners who are planning on holding the coins they mine will actually care which chain they are mining on, the ones who are instantly selling whatever they mine for USD will mine whichever chain is most profitable at that particular time. It will most likely fluctuate but BTC will probably remain dominant. BCH did take a few percentage points of the hashing power already so that is pretty significant, definitely not enough to ignore, but also not enough to seriously take away from the long-term value of Bitcoin and cryptocurrency in general. In fact it creates a new market for SHA256 miners because now they have multiple options and aren't just stuck with only mining on Bitcoin and a few other SHA256 shitcoins. BCH is now the 4th largest cryptocurrency, there's definitely a lot of interest in it, and it's certainly not on the level of "shitcoin." Even with just a few percentage points of BTC's hashing power it's still one of the largest, and most secure blockchains. Also in only a few hours of trading it's already up to 50M USD in volume, so as far as altcoins go it has some of the largest volume and hashing power of any coin.
genautech
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@Intuit, I got your point. But I am still reluctant about this. Let's give something what any coin need to take your place into cryptocurrency world: TIME!
Appreciate your answer. Tnx.
Primalsteam
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@genautech, you distilled my (very) wordy response down with perfect reasoning. @Intuit, you don't have a bad argument about the attraction factor for miners as it stands right now, but it's a fluid situation and unless we are going to get a sudden influx of miner rigs the only thing that can happen is it takes away from BC or there is no change. Take a picture of an airplane above the ground and then try to determine if it's going down or up. Time sequenced pictures or ever video would be better. We need more than a snapshot, we need multiple data points, and that will take time. Patience is required.