Hi everyone,
I have recently sold a large part of my BTC portfolio as I was spooked by a various sources telling me that BTC was heading for plummeting prices following 1st Aug and hard fork. They have also said that July will be incredibly unstable in terms of price as we approach the deadline. I a now sitting on cash and waiting for the best time t go back into BTC
Given that the price of BTC has risen every day this week and feeling that I sold unnecessarily and am considering buying back in. can you feedback to me.
1) Is the 1st Aug really going to be that bad and should we expect volatility in July as we approach the date?
2) Would you buy back in now or wait sitting on cash for a better price entry point in the coming weeks?
Thanks all
Matt
Your question is really good. I personally think that the potential activation of segwit is going to benefit the bitcoin network, although the aspect of a hard fork on that day or soon after that date is pretty daunting to most bitcoin users as well.
To answer your questions:
1. I don't think it'll be that bad. Even if a hard fork happens if you hold your own private keys you are going to get coins on both chains that have forked(bitcoin core and bitcoin unlimited), so therefore, bitcoin value is probably going to stay the same when you add the two together. Still though, it could bring some negative news to bitcoin as there is no consensus anymore of which bitcoin is which, as the battle is pretty close when looking at miners but not so close when looking at nodes.
2. I'll sell 70%, and hold 30%. Right now bitcoin is retesting 3000 which means that if you dont' hold at least some you might lose out on some profits.