As Bitcoin hovers around the historic $7,000, talk of retraces is growing, with one analyst predicting an inevitable fall back to $5,000.
Despite prices growing at an unprecedented rate this week, the fallout over SegWit2x will trigger a correction “no matter how high” Bitcoin gets, Tone Vays concluded.
In amendments to his short-term Bitcoin price outlook versus USD Wednesday, Vays said the “damage has been done” by the upcoming hard fork.
“No matter how high we get before (the SegWit2x hard fork), the damage by these bad actors has been done! So I'm expecting a crash to $5,000 either way,” he commented.
No matter how high we get before #SegWit2X HF, the damage by these bad actors has been done! So I'm expecting a crash to $5,000 either way— Tone Vays [#NO2X] (@ToneVays) November 2, 2017
Vays had predicted Bitcoin hitting $6,900 by Nov. 5, but expectations were beaten in light of an additional move by Wall Street giant CME Group to debut Bitcoin futures trading later this year.
SegWit2x is due to fork off from the network around Nov. 18, with a release slated shortly afterwards. Futures trading of the new Bitcoin fork is steadily rising, prices currently around $1,200 from an opening $810 Oct. 21 according to data from Coinmarketcap.
Traders are doubling down on BTC while industry businesses and figures adopt increasingly entrenched positions for or against the hard fork.