The past week has been great for the alts. We saw ATH (all-time highs) in many altcoins including Ripple, Cardano, Stellar among the biggest gainers. It seems that the altcoin run is coming to an end for now, and Bitcoin making a run up.
The sudden spike in Bitcoin may be due to traders moving their profits from altcoins to Bitcoin in news of the coming Bitcoin Private fork.
The founders of ZClassic released news a few weeks ago of their intention to release another Bitcoin Fork. ZClassic holders will also aquire Bitcoin Private at a 1:1 ratio. Upon the news we have seen ZClassic make a run up from it's stagnant price of around $2 to $120 as it stands today.
ZClassic chart from Coinmarketcap.com
Bitcoin Private may be a game changer for the original Bitcoin community. Bitcoin Private will be the first bitcoin fork to include a privacy protocol called ZK - SNARK Zero Cash. ZK - SNARK is an acronym for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge” which essentially allows the proof of possession of certain information without revealing that information. You can read more about that information here. To give a brief summary, the new Bitcoin Private will have "shielded transaction and be fully encrypted on the blockchain, yet still be verified as valid under the network's consensus rules".
BTCP comparison versus other Bitcoin iterations courtesy of Tarun Jain
The ZClassic team led by Rhett Chreighton has also been apart of the successful forks of ZClassic to Zcash and Zencash. I believe the hype of a "private" Bitcoin itself will entice crypto fanatics to board on Bitcoin in the next week or so as the fork approaches.
Bitcoin Technicals:
Bitcoin is looking strong right now. The technicals are looking strong with the MA 20 crossing over the 40, and we see the candles exiting a Fibonacci arc at the two red circles which is a sign of a strong bullish move to come. The MACD also shows strong momentum as well.
View a larger image here
In Conclusion: Bitcoin looks bullish in the next few weeks.
DISCLAIMER: The author currently does not hold positions in BTC
The BTC technical chart is based on Bittrex 240 BTC/USDT chart
Posted on 2018-01-05