Bitcoin Gold Price Prediction: 2 Reasons Why BTG Will Sustain in the Crypto Market
Bitcoin Gold Price Prediction
Bitcoin is set to spin out another iteration in itself. This spin-off is similar to what occurred in July, when Bitcoin Cash (BCH) was introduced.
Bitcoin Gold (BTG) is set to debut in November. These Bitcoin spin-offs or Bitcoin splits are referred to as “forks,” and this Bitcoin Gold fork event will introduce a new cryptocurrency to the world.
Many are waiting with growing anticipation. This anticipation for another iteration of Bitcoin has many speculating on BTG price forecasts and Bitcoin Gold predictions. This frenzy is mounting as the Bitcoin Gold countdown has begun.
Bitcoin Gold Countdown
The Bitcoin Gold fork is scheduled for October 25, and the distribution of these coins will work as follows: All holders of Bitcoin who possess Bitcoin Cash private keys will receive Bitcoin Gold on a one-for-one basis. So, if you have 50 BCH, you will receive 50 BTG free of charge.
Even though the record date is set for October 25, trading of these coins is not likely to occur until early November.
The enthusiasm surrounding cryptocurrencies has reached a surreal level, and I don’t understand it myself. I have my reservations, to say the least. I saw a similar amount of enthusiasm during the dotcom bubble in 2000, when anything Internet-related was all the rage and attracted hot money, fueling the rise in technology stocks.
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I am a skeptic with respect to all cryptocurrencies at this stage, but that doesn’t mean higher prices and the bull market in this sector cannot continue. I only fear that it will end in tears like all the previous price bubbles that preceded it. I can only suggest that caution should be warranted, and risk should be properly managed at all times.
BTG Prices to Follow BCH Path?
Pinpointing a specific value for the Bitcoin Gold price when it debuts would be like arbitrarily pulling a number out of a hat. A futures market has sprung up for cryptocurrencies and, depending on the exchange, these futures markets are speculating that anything within the range of $250.00–$500.00 is plausible.
Since the price is difficult to ascertain, one thing I am pretty confident about is that volatility will be high once this cryptocurrency is introduced. The price action that was witnessed when Bitcoin Cash debuted is a testament to this.
The following Bitcoin Cash price chart illustrates the volatility that this cryptocurrency experienced after it began trading.
Chart courtesy of TradingView.com
This Bitcoin Cash price chart illustrates the wild swing that the cryptocurrency experienced after it began trading. Its opened at $800.00, hit a high of $815.00 over the next three days, and then four days later hit a low of $141.00. From peak to trough, Bitcoin Cash lost 82.70% of its value in the blink of an eye.
If that were not gut-wrenching enough, the volatility did not end there. Over the course of the next three weeks, Bitcoin Cash staged a bullish move toward higher prices, and it managed to regain its stature above $800.00. These gains did not last, and BCH peaked at $950.00 before falling back below $800.00 again.
The volatility has since subsided, and the bearish trend toward lower prices has evolved. This trend, which contains a series of lower highs and lower lows, is the reason why Bitcoin Cash is currently trading at $309.77, which is the lower end of the range.
This is why I believe that trying to project the value for Bitcoin Gold is probably a big waste of time and energy. Once the cryptocurrency does begin trading, the price swings are expected to be wild. Even if I were correct in making a Bitcoin Gold price prediction, I highly doubt that the value will be of any consequence because BTG prices will change in rapid succession.
2 Reasons Why BTG Will Sustain in the Crypto Market
I have already discussed my skepticism on the cryptocurrencies as a whole, but if I were to make a Bitcoin Gold price prediction, it would not be all that pessimistic. I have reason to believe that Bitcoin Gold will fare better than many of its counterparts, especially considering how fast this segment has grown, with hundreds of cryptocurrencies populating this universe.
The first reason why I believe Bitcoin Gold will thrive stems from why BTG was created in the first place. Its developer is now concerned about the notion that the original Bitcoin mining system has become centralized, with a few mining companies controlling this space, creating a near-monopoly.
This has created an environment where the barriers to entry are high. To compound these issues, there are also allegations that these miners have colluded to engage in questionable practices that were aimed at other miners and cryptocurrencies.
To combat this problem, the developers have created a number of provisions that will decentralize the mining of Bitcoin Gold and allow the everyday consumer with a simple computer to participate. This will even the playing field, making this cryptocurrency an asset geared for everyone, not the select few, making it “the people’s Bitcoin.”
The second reason I believe that Bitcoin Gold is here to stay—and has a high likelihood of succeeding—is that it is a derivative of Bitcoin and Bitcoin Cash. The key phrase here is “derivative of Bitcoin.” Bitcoin is the pillar that all the cryptocurrencies are based on. This whole genre of cryptocurrencies began with Bitcoin and, as long as Bitcoin is thriving and doing well, the entire framework supporting the new niche product is still intact.
If Bitcoin or any of its derivatives start to fall apart and fail, it will have widespread effects, ones which I believe will spell the end for this speculative genre of blockchain products. Currently, aside from the chatter from well-known pundits and investors, there is little to suggest that this is occurring, because the heavyweight Bitcoin continues to march towards higher prices.
Analyst Take:
Bitcoin Gold is set to be spun off on October 25, and trading is expected to begin in early November. The exact value of this cryptocurrency has yet to be determined, but speculation is that anywhere between $250.00 and $500.00 is plausible. But it’s still anyone’s guess. One thing is for sure, if Bitcoin Cash is any example, volatility in BTG should be expected once trading begins.
