Following a massive head fake, Bitcoin approaches $8,000
Bitcoin rises beyond $8,000 Following Massive Head Fake
Bitcoin approaches $8,000, reaching out to $8,020 on Bitfinex before declining to $7,900 at press time. By now, it can be said that Bitcoin’s breach of its earlier high is getting repetitious, and the bitcoin’s bull running got so strong. The increase experienced this time is an exception, this is because Bitcoin just pulled the mother of all head fakes. This follows the prediction by Mark Yusko.
Just a week ago, the SegWit2x hard fork was called off and the bitcoin price instantly rose from $7,200 to $7,800. Nevertheless, within the hour, the price of bitcoin dropped and continued dropping further. few days ago, Bitcoin fell to a low as $5,500, while its rival coin, Bitcoin Cash, soared from $600 to $2,600. This made a lot of Bitcoin miners to ditch bitcoin and move to Bitcoin Cash as the number of unconfirmed transactions rose to over 135,000 and fees increased proportionately.
Waves of good news
No sooner than Bitcoin Cash began to rapidly drop from its high price ascent, miners returned back to mining Bitcoin, and the transaction backlog subsided. The price of Bitcoin began to rise, and the good news is that the increase in price was even larger.
At this, the British hedge fund Man Group, having more than $100 billion in funds under management, has announced that they will commence Bitcoin trading immediately CME’s futures market opens. Following this, the Payments App Square has announced its plan to full integrate Bitcoin into the payments platform.
According to Payments App Square:
“We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”
Following the announcement, the market capitalization of Payments App Square grew from $15 billion to $16 billion, making the Wall Street seemingly pleased as the Bitcoin community.
Bitcoin’s technical analysts, having studied the chart patterns made a prediction on price moves. They suggested that bitcoin is about experiencing an important price move. In a sense, the value of Bitcoin is even higher than it would appear, at least for those who invested in Bitcoin before the August 1 fork and for those who held onto the resulting Bitcoin Cash they received. According to User csasker on the /r/BitcoinMarkets subreddit: ‘’BTG + BCH + BTC = 9000!”