There's no doubt bitcoin will have great use in the future but there are still some issues which have not been fully addressed (as today). In November-December bitcoin will get another hard-fork, even though we can take Bitcoin Cash as an example which is not fully embraced by the community, a new fork will certainly take away some percentage of bitcoins original marketcap and lower it's price.
I would like to use the term fragmentation for the bitcoin forks, possibly this will not be the last one, since technology is not flawless and needs constant updating/fixing to keep up with the demand or vulnerabilities. Fragmentation or the consequent splitting of bitcoins market cap across hard-forks will be an influence on Bitcoins price in the future.
Another issue for long-term holders or users who for example fully want to use bitcoin as the primary source of money face the fact that bitcoin's is a huge problem because their account worth fluctuates in large degrees.
One requirement for a usable currency is that it's shouldn't be too large, which bitcoin does not currently posses.
Bitcoin as of Jan 2017 till now Mid October 2017 has seen an unprecedented growth of 600% (~285 days, 1000->6000).
Compared to 2013, where it grow 886% in only 60 days (October-December).
I let my count start where the trend started that broke the cup of 2013, from this starting point 3 up-following waves should bring us to our final reversal point and bring the market in a corrective phase. Both the parabolic growth pattern and the wave count indicate strong reversal at the indicated levels and it is strongly advised to take profit here. The market will turn in a bear market for at least several months if not +1 year.
A 5-3 pattern plays out, our three bull waves then a deep correction which has strong support at 3600 level (4) where the last wave took off and is also if we we're to hit 7K. The price level of 2800 looks like the bottom to me which is the , not sure if bitcoin could get to this level.
To get a understanding of how parabolic blow-off or other economic bubbles look like:
Thanks for your idea.
For one, ETF traders are probably not concerned with collecting, "Bitcoin Gold." In my opinion a sell off of Bitcoin after the hard fork will result in a bullish reversal for for alt-coins, as a buying spree begins. Furthermore, the $5,000 BTC buy wall will most likely be massive as altcoin holders will want to exchange back into Bitcoin after a correction That second wind rally for Bitcoin may result in a double high or go even higher through the introduction of EFT thereafter. I do not see a reversal in the bull trend considering the macro trend. Further, the bond and stock markets are primed for a beat down at year end in this risk-on market, especially if cryptocurrency ETFs are bough hand over fist to avoid the FED-propped securities markets.