In August 2017 Bitcoin split in two, which resulted in the appearance of Bitcoin Cash, and yesterday the network experienced the second fork, Bitcoin Gold. Whether this is an advantage or disadvantage for Bitcoin is up for debate. Both sides have their own explanations.
However, as traders, we look for historical precedence and attempt to trade using it.
After the first fork, Bitcoin prices took off, rallying from a low of $2,621.75 on Aug. 2 to an intraday high of $4,975 on Sep. 2. That is a blistering 89.75 percent rally in a month.
If history were to repeat itself, Bitcoin should rally to $10,443 by Nov. 24. That figure looks a little doubtful because most traders expect Bitcoin to fall now that the fork has been completed. They expect money to shift to the altcoins. We did see a spark of it in the last two days. However, that rally fizzled out…