While some people talk about a Bitcoin price between $6,000 and $10,000 in the coming weeks, I am a bit more conservative.
Sure, this is Bitcoin so everything is possible. We are nearing the all-time high of nearly $5000 USD. It's certainly possible this psychological level will be breached in the coming days. If it happens, Bitcoin will again receive more media attention which will create more FOMO whereby the price might go even higher.
But we are not there yet...
I think a Bitcoin price of over $5000 is too early yet. We should not forget that the Bitcoin price has already increased 390% since the start of this year and we are currently 671% higher than one year ago. We only have to go back to January this year when Bitcoin was being traded below $800 dollar. The Bitcoin price on October 10, 2016 was just $615. Unbelievable!
Here's a possible scenario:
According to most traders altcoins are under pressure right now, because people sell it for Bitcoin to receive free Bitcoin Gold and Bitcoin2X. It seems a logical reason, but I'm not really sure. Bitcoin Gold will fork on October 25 and Bitcoin2X around November 18th. Will altcoins remain under sell pressure until the two forks? For so long?
How I trade
I 'HODL' most of my Bitcoin for years, but I plan to use a part between $4900 and $5000 to buy the SBD (Steem Blockchain Dollar). The current SBD price is 0.00019000 BTC which equals a BTC price of $5263 (1 / 0.00019 = 5263). A nice opportunity to sell Bitcoin for a higher price in my opinion.
