A group not officially known is making an attack on several fronts to destabilize Bitcoin, since it was not possible to use SegWit2x to create another fork.
The Methodology is this one:
- On the one hand, they are saturating the chain of blocks with a lot of transactions, around 23 per second, causing a large accumulation of unconfirmed transactions, which will undoubtedly cause slowness of the network during the next days, inviting back to the topic “We need a bigger block”, benefiting Bcash’s block with that idea, but in a manipulative way.
- On the other hand, they are using the margin management skill of several exchanges to manipulate the market, which only requires organization and some money. This is like this: SHORT is done in Bitcoin and LONG in Bcash in several exchanges, using margin, knowing that they are the biggest competitors (besides ETH). By making BTC short they cause their price to go down, and by doing BCH long they cause their price to go up.
- Then, they depend on the mass of people leaving and following the trend they try to score, launching stop loss in several places, and causing panic sales and purchases.
This plan is sustainable for some time, which will be as soon as most of the bitcoin sellers, of those who sold in panic, leave the market. Then buyers will be left alone, taking advantage of the price drop. At that time, they, who are manipulating the market, close both positions, taking advantage of both, and very probably buying the BTC, and taking it to new highs, probably at around 8500 or 9000.
And in the third point of strategy, they will take news out of various places, articles, texts, and any number of things to scare.
What I think is going to happen (and it is not an investment recommendation, but that everyone should be responsible for their investments) is that if you are HODLer, you stay and wait for the price of BCH to stagnate and you no longer see that it rises more, and that a slight recovery of BTC passes at the same time. At that time the operation they were doing will have dried up, and it’s time to buy BTC, and if you still have BCH, to sell them.
The text below I found on one of popular Telegram channels, not sure what personally to think about it. These days I’m avoiding any Bitcoin and mostly trading altcoins on Binance.com. It’s a great exchange with the lowest fees and the best support. Take a look!