The BIP91 support this weekend is almost guaranteed. there are only 3 pools who hold around 10-11% and 6-7% worth of solo miners who have not yet signalled, though f no pool backs out and continues signalling we will stay on 83% and BIP91 will follow through
This means that bitcoin WILL NOT be split into two chains and they will be able to perform the updates necessary to solve the scaling problem.
In the last 48 hours while the signalling has only just hit the 80% mark (now at 81.1% according to xbt.eu at the time of this post), bitcoin has increased by over $700USD. BIP91 has not even been locked in yet and yet we see such a dramatic gain. NOW is the time to get in.
Why?
We will have 2 more events that will drive not only bitcoin but the market as a whole. I'll explain why the market as a whole in a moment.
The two additional events that will cause price to increase:
- the official lock-in of BIP91
- once the updates have completed and BIP91 is in full effect
What may hinder the price during these two events?
The maintenance phase in which it is recommended not to transact while they do the update.
If everything goes smooth, we could see a huge increase. $3k-$4k barrier may be completely blasted.
BUT, all of my holdings are still in altcoins...why?
- During the maintenance phase people will temporarily switch to altcoins (over USDT) just until it is safe to continue transacting bitcoin
- People can now see that crypto currencies are able to solve technical problems or the future, segwit2x is a huge break through if it is successful and can drive the market as a whole through the roof. Therefor holding altcoins is still a smart option during this time
Why altcoins over USDT?
The faith in bitcoin and cryptos as a whole went down the toilet while BitMain tried to act like a hero for their own currencies as well as viabtc who joined and said they also wanted their own currency. This cause people to move into USDT/USD due to the lack of faith and worries that bitcoin will split
People will now move into altcoins over USDT as the faith is restored in cryptos, the issue is being fixed and the move is simply while they process the update. Everyone knows price will be going up after the update so moving into altcoins over USDT is the smarter move.
I, and I am sure all of you, are looking very forward to the lock in and the update. We have very positive times ahead!