In what might result to the emergence of a new chain, it is no longer news that Bitcoin Cash (BCH) will experience an harkfork on November 15th 2020. If the fork pulls through as planned, then holders of BCH will have an equivalent of their holdings on the new chain. Although BCH is yet to start rallying ahead of the fork, there is still room for some massive gains before weekend.
Forbes.com
In the past few days, bitcoin alongside several other altcoins has been doing pretty well and therefore one can understand why the BCH fork has been getting very little attention and a narrow chance for a price surge. In addition, from Binance's announcement the snapshot date is almost about the time when the fork will be taking place, which makes it quite difficult and risky for those who would have loved to pull the stunts of flash trade.
On top of that, there is an air of uncertainty around whether or not the fork will result to the creation of a new chain. So, for most potential investors, buying BCH ahead of the fork (with the hope of getting new coins) is a pure gamble. But I am suspecting strongly that BCH will surge at the last minute as soon as it is clearly confirmed that the fork will be taking place. If that happens, is there a possibility that bitcoin will dip slightly?
To answer the above question, it is necessary to take a look at what happened during the last BCH hard fork which led to the birth of Craig Wright's Bitcoin SV (BSV). In the build up to the BCH fork in 2018, the price of bitcoin crashed significantly partly because, ahead of the fork, many sold off their BTC holdings to buy BCH in order to not miss out of the airdrop. That really put some real pressure on BTC, hence the crash.
But we must have to admit that the market has changed significantly, changed significantly because this is an halving year and things are already starting to take shape in the most positive mood and sentiments. Therefore, while it is not impossible that the BCH fork might correlate negatively with the price of BTC, the impact is unlikely to be significant because of the bullish momentum on the path of bitcoin.
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Thanks for your point of view. In my opinion, this fork is completely irrelevant. The price action we saw when the BCH fork was because it was the first major fork. Heck, even Coinbase or Bitstamp weren't sure of what to do... ;-) People were sending their bitcoin to paper wallets, and lots of original hodlers just kept bch "just in case"....
In the following weeks, there were major speculation, which eventually settled. And in the last two years, everyone (but some brainwashed guys) has discovered the true nature of Craig Wright and his little merry scam artist band; meanwhile, Bitcoin has kept advancing (despite those saying it will not) in layering and features.
This fork is not much more than a last attempt to skim a little bit more juice by the BCH holders out of unsuspecting noobs and people "diversifying" (a.k.a. putting money on bad projects for the sake of it).
Not financial advise, yadda yadda... You are much better sticking in the LEO ecosystem!
:-)
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It turns out, quite interestingly, that your analysis can be taken to the bank, quite apt. From what we've seen so far, I think that you're right. I'm buying more LEOs soon.
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