Today, October 8, 2017, is an interesting day in the markets. Bitcoin is up but 90% of the altcoins are down big. It's a sea of red. And not just down, but most are down double digits. Altcoins have been in general downward movement the last few weeks.
I think its very clear that people believe Bitcoin is going to go on another run and they want to make sure they get their coins so they can take advantage of the hard forks coming over the next 4-6 weeks.
With Bitcoin Gold and Segwit2x on the horizon, holders of Bitcoin will get these 2 new coins which is more or less free money.
In the meantime, altcoins had a massive run this summer, so it appears that investors are selling out of altcoins to take profits and use that capital buy a little extra bitcoin. Fair enough.
I do expect bitcoin to go up. I also expect that these hard forks will produce some coins that have value. And many altcoins will continue to go down in value through mid November.
Let Me Make a Prediction
Most of the top 50 altcoins coins will be up big by January 2018. Some lower cap coins will double by then. And the gain from buying these coins over the next few weeks will be bigger than the gains anyone sees from Bitcoin, Bitcoin Gold and Bitcoin2x (or whatever they call them).
I'm a huge Bitcoin fan and believe it will be in a bull market for many years. And many of these altcoins won't survive. but there are some really good projects with excellent platforms, real software and existing enterprise customers. Some of are capable of Ethereum like moves in 2018.
Maybe I'm wrong. We'll see. But I can't resist a good sale.
I like your thinking. Even if bitcoin hits 8k it is only doubling. If you have a few grand invested in a solid altcoin there is every chance of adding a zero onto the price if it has a proper basis and set up.
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I totally agree with your premise. Most of the "money" going into bitcoin will be from within the crypto sphere, not from the outside fiat world.. If the trend continues I want to buy my favorite alt coins just before the forks, which I assume is when the bitcoin price will be at its highest.
Since I buy the alt coins with bitcoin, it is the prefect storm. I get to buy bargain coins, with inflated ones. I am working on my wish list as we speak. But I will wait to pull the trigger as I want the best prices and I want my bitcoin to stretch the furthest .
If the alt coins make a quick turn around, then I will just hang onto my bitcoin and take the free coins. Maybe I will put in some crazy low ball orders now as anything can happen in crytpo land. Time will tell.