FX.co ★ Bitcoin analysis for 07/11/2017

One of the longest working members of the Bitcoin community, co-owner of Bitcoin.org and Bitcointalk, said that if 2x get enough support, opponents should gather to play the "broken" Bitcoin chain. He said: " If 2x wins, it does not mean that Bitcoin has been "changed", it means the Bitcoin was temporarily destroyed and we need to get to work to play it together. We will not give up and we will not compromise. The new hard fork will be released with the new PoW algorithm and will work normally. Markets and exchanges should be prepared to handle three different Bitcoin chains in November. Original chain, 2x chain and new Bitcoin chain with better PoW rating. As soon as new PoW hard binary files are released on Bitcoin.org, I am fully committed to supporting this chain and calling it "Bitcoin", even if the hash rate returns to the original chain at a later date".

Many companies and private entities are still trying to determine zero or full support for SegWit2x and this is currently the most discussed topic in the Bitcoin community. The community is divided in opinion whether another fork is needed and how it can improve the Bitcoin usage experience.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price has made a three wave decline towards the level of $6,986 which might be labeled as the wave (iv) correction. This means there is still wave (v) left to be made in order to complete the bullish impulsive cycle. The projected target remains at the level of $8,356.