Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate

The BTC prices are under a bit of pressure over the last 24 hours though there has not been any major fundamental developments to affect the prices as yet. We are seeing increasing signs that the banks in India might withdraw support to any kind of crypto trading and that has led to some large scaling selling of the cryptos in the country over the last couple of days. But the volume of trading in India has seen a drastic reduction over the last few months or so as the regulations and the banks began to tighten their noose around the industry and so even the large scale selling has not affected the prices in the international market as the volumes are comparatively lower.

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BTC Prices Range

The prices are expected to consolidate and range and as we said in the beginning of the month, this kind of consolidation could continue for the rest of the month and probably for the next month as well. It is likely that we might see action and volatility in the prices only towards the end of the year and even then, it is doubtful whether we will see the action as much as we saw last year when the market was dominated by speculators and we had a lot of day traders trying to push the prices in a single direction. The market is much more regulated now and hence we believe that such high volatility is something that is beyond the scope of the market at this point of time.

The ETH prices have also been under a bit of pressure but the prices continue to trade above the $500 region over the last 24 hours and we believe that the prices would consolidate like the rest of the crypto market.

Forecast

Looking ahead to the rest of the day, we do not believe that there would be too much action in the markets for the day, in the absence of any fundamental drivers as we wind down the week and the traders head to the exits for the weekend.