Written by StevePrentice 

The emergence of bitcoin gold as a third bitcoin currency – a result of the October 24 fork, has led market watchers to once again wonder whether a remarkable year for the first-born currency, bitcoin classic (BTC) has come to a screeching halt. The bitcoin price fall that followed the fork, shook some investors and took the shine off an otherwise fascinating year. BTC has shattered price ceilings consistently throughout 2017, not in a straight line, but gradually. In mid-October, it flirted with the $6,000 level.

geralt / Pixabay

Throughout 2017, BTC has weathered dismissive comments from naysaying billionaire investors and reluctant government regulators. It survived the August fork and the birth of bitcoin cash (BCC). The resultant confusion surrounding the availability of BCC, which was supposed to deliver each BTC holder a duplicate purse of BCC coins, ran into trouble, especially when major exchanges like Coinbase refused to honor the split. Coinbase eventually relented, but has not yet made this duplicate bounty available to its customers.

Following a quick dip, the post August-fork BTC continued to climb, buoyed by a pervasive brand loyalty and helped perhaps a little by the immediate plunge in BCC prices.

A similar reaction seems to be happening in the hours following the October 24 fork. After a brief pricefall, BTC seems to be rebounding, while BTG suffers. The drop in bitcoin gold price can be attributed in part of a hack attack on its website, which never helps to establish much needed credibility.

Some analysts see this as the end of the party for BTC. Coindesk.com, for example, suggests that “the short-term outlook remains murky, courtesy of the bearish price relative strength index (RSI) and price money flow index (MFI) divergence. It suggests that a disappointing end-of-day close would “add credence to bearish divergence, confirm the rally from the September low of $2,980 has topped out, and open doors for a drop $4,500 levels.”