Yahoo Finance Bitcoin and Ethereum Price Forecast – Prices Still in Consolidation
Bitcoin prices continue their consolidation, though in a bearish manner, over the weekend and this has been the trend for around a week now. As we have been mentioning in many of our forecasts, it is the speculators who had been driving the prices here and there and with the overall trend of bitcoin being up, all that they needed to do was buy and hold and that was enough for them to make good profits with little efforts. But now, the game has changed and we now have a situation where the prices are equally likely to move in either direction. This is actually a good sign of a maturing market but this is something that is disliked by the speculators.
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Bitcoin Prices Continue to Range
The markets and the traders do not like uncertainty and that is the reason why we are seeing that they are not committing themselves in either direction at this point of time. We also have speculation that there may be a split in the bitcoin market in November as well and this has added to the uncertainty. All these sequence of events are the reason for the consolidation that we are seeing in the bitcoin market for now and it will take some more time for the traders to come to terms with the two way action and start buying again.
Ethereum prices have also been following the bitcoin market but they seem to have some better support than the bitcoin network. The ethereum market is likely to do well in the medium and long term as there are a lot of interest projects that run with ETH as the base and hence, we are likely to see the usability of ETH continue to increase in the medium term and this should be able to support their prices better than that of bitcoin.
Forecast
Looking ahead to the rest of the day, expect some more consolidation in both the BTC and the ETH markets for today as they still come to terms with the happenings in China over the past couple of weeks and more and more traders join back into the market and then they decide which way they want the prices to move.
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This article was originally posted on FX Empire
