Bitcoin has been soaring in recent days and it is likely due to the fact that there will be a bitcoin hard fork on August 1st.
BIP91 has already been activated but a hard fork called Bitcoin Cash will still occur in just a couple of days.
Many speculated that a fork would cause the price of bitcoin to drop. But that is far from the case. And it makes sense that the price is actually increasing on this news because if you hold bitcoin properly you will end up with both Bitcoin (BTC) and Bitcoin Cash (BCC)... and we know from experience with the Ethereum fork into Ethereum and Ethereum Classic, that the two combined can be worth much more than just the one.
If the reason bitcoin is rising is because everyone just wants to make sure they get the Bitcoin Cash lottery ticket… and many plan to sell soon after getting it to reinvest in the other altcoins… then we could see a major drop in bitcoin in the days after August 1st.
If, however, people are buying because it looks like we will get through these latest bitcoin problems without any major issues, then we could be headed to a much higher bitcoin price.
And, probably it is both, which means we could see a volatile few days ahead.
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