Bitcoin and Ethereum Price Forecast – BTC Prices Lower

The BTC prices continue to struggle to hold afloat as the prices have fallen below the $6500 region once again and it appears that we are back into range and that we are likely to see more consolidation in the days to come. Looking ahead, we believe that we are going to see more weakness in the days to come and the bulls should continue to expect some tough weeks ahead as we move into the second half of the year. We do not expect a bullish market as yet and we, like many of the larger investors, would hope for better times only in the months ahead which means that there is some more pain ahead in this upcoming month.

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BTC Prices Still Weak

There does not seem to be any fundamental reason for the fall over the last 24 hours and it seems more a matter of the price action in accordance with the consolidation that seems to be happening in the markets right now. We believe that this would go on for the short term as the larger investors begin to slowly enter into the market and begin to establish their positions and then decide which way they want to move the prices. It is up to the traders to wait and watch what they are trying to do and try to side with what they are doing so that it would be easy for the traders in the long term.

The ETH market is also weak over the last few days and it has also fallen in line with the fall in the rest of the market and it remains to be seen how long this consolidation is going to go on. There are not many fundamental developments in the market as yet and hence the market seems to be pretty slow at the moment.

Forecast

Looking ahead to the rest of the day, we do not find any reason for any kind of major moves in the market as yet and hence we can safely say that the consolidation and ranging is likely to continue in the short term.