Bitcoin and Ethereum Price Forecast – Prices in Consolidation Mode
The bitcoin prices continue to trade in a strong manner as a wave of negative news in the bitcoin industry has not has much impact on the traders as well as the prices. The prices continue to trade comfortably above the $8100 region as of this writing and it is likely that it is preparing itself for the next leg of the bull run which never seems to end as such. The negative news surrounding the industry includes the news of the hack which led to losses running into millions as wallets of thousands of bitcoin users were hacked. To add to this, we have also heard reports of one of the Russian ministers saying that they would never seek to regulate cryptocurrencies and that it would continue to strictly ban them.
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Bitcoin Prices In Range
This is a surprising shift from the Russians who had been one of the first ones to embrace this but they now seem to have done a volte face. Neither of these news has led to any kind of panic selling which only goes to show how resilient the market is becoming and is a further sign of the growing maturity of the market. We expect the bitcoin prices to begin another round of the uptrend pretty soon which should carry it towards the $8500 region in the short term and further.
The Ethereum prices seem to have hit a roadblock during the last 24 hours as they are finding that the region around $380 is a tough nut to crack. We still believe that $400 is a viable target for ETH in the short term but the pace of the moves and the volatility in the pair has not been as expected. While the BTC prices continue to rocket higher in a quick manner, the ETH prices continue to lag behind with no signs of that changing anytime soon.
Forecast
For the rest of the day, expect some consolidation in the BTC prices as well as the ETH prices during the course of the day as the market begins to digest all the information and the traders get ready for the next leg higher.
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This article was originally posted on FX Empire
