Bitcoin and Ethereum Price Forecast – BTC Prices Still Below $7000

As expected , the BTC prices spent much of the weekend in consolidation and the prices ranged below the $6600 region for much of the time over the last couple of days. The same situation is expected to carry on in the coming days as well as we do not see any signs as yet of any momentum being generated by the bulls to attempt a break through the $6800 region which is imperative for them if they have any hopes of pushing through with their bullish run in due course of time. There has not been much fundamentals over the weekend to rock the crypto markets. In fact, it has to be said that there has not been much news surrounding these markets for over 2 weeks now.

Suggested Articles

• Why Bitcoin Cash is Better than Bitcoin?
• How to Buy Bitcoin Cash?
• How to Short Bitcoin?

BTC Prices Consolidate

There have been the occasional developments here and there over this period but the market has become too mature to be rocked by minor developments and that’s why we have been seeing that the prices have been in consolidation for much of the time during this period. Even the brief period of bullishness that we saw in the BTC market was more due to the increase in the demand leading to imbalance between supply and demand rather than any major fundamentals. In the long term, the BTC market atleast, is expected to be driven more by demand and supply factors rather than any economic news and that is why many of the traders and investors are confident of its rise.

The ETH market has also been quite subdued, like the rest of the crypto markets and we are seeing the prices consolidating around the $300 region for much of the time over the last couple of days. Again, this is something that is expected and with the advent of other blockchain networks, the traders of ETH are going to be spoilt for choices in the long term which could pose a challenge for the ETH prices.

Forecast

Looking ahead to the rest of the day, we do not have any major action but we have the traders returning back from the weekend which could see some improved volatility during the next 24 hours. We do not expect a break in range though.