Bitcoin and Ethereum Price Forecast – Prices Continue Consolidation
We had mentioned in our forecast yesterday that the bitcoin prices are likely to consolidate and range near their range highs in the short term and that is what has been happening over the past 24 hours. We are back near the highs of its range, where we were at the beginning of the month, and at that time, the prices had consolidated before they fell off over the next few days.
Bitcoin Prices Consolidate
It remains to be seen what kind of price action this consolidation is likely to lead to but we continue to believe in the upside in bitcoin prices. The cryptocurrency market is here to stay and with bitcoin being the flag bearer of the market and with its number being restricted, we believe that the prices still have some way to go before they begin to taper off and get overshadowed by other cryptos like ethereum. That is why, we said that the prices are likely to move higher even more in the short and medium term and this consolidation is likely to exist for the short term.
Of course, this consolidation could lead to a double top, in technical terms, and cause the prices to correct again but we believe that the prices would once again recover in the medium term and that it is only a matter of time before the prices cross $3000. The recovery from the last correction showed that this was not a pure speculators market and that there are bigger investors and traders at pplay here which would only add credence to this market and help it to mature in the long run.
Ethereum prices also consolidated but like bitcoin, we expect the ethereum prices to go up in the short and medium term. As the amount of mining and the miners become lesser and lesser over time, the number of tokens available is likely to become limited and this is then expected to push up the prices in the medium term.
Forecast
For today, we expect the bitcoin and ethereum prices to continue to consolidate. A break through the highs of the range in the bitcoin prices is likely to lead to a large bullish rally but the traders and investors should be wary of another round of correction in the prices and guard themselves against it.
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This article was originally posted on FX Empire
