Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate

As expected, the BTC prices have been consolidating and ranging over the last 24 hours below the $7800 region as of this writing. We had mentioned the same in our forecast yesterday and had also said that it would be a tough ask for the bulls to generate enough momentum to push through this region at this point of time. We would probably consolidate and range for much of this entire month and it is time that the traders and the investors get used to it. We are also seeing the possibility that the prices could get weaker in the short term but for now, that danger does not seem to be there and hence we are likely to see the prices trade within a tight range.

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Prices in Range

On the fundamental side, though the investors rejoice at the growin maturity of the market and also the improving speed of transactions, they need to start worrying about the BTC network as well. This is due to the fact that this blockchain network is likely to be challenged in the near future by newer and better and faster networks. If and when this happens, it then becomes a battle of survival between the various blockchain networks and only the fittest would survive. Of course, the BTC network is more stable and more popular at this time and it clearly enjoys the advantage of being the first mover but it needs to keep innovating to stay on top.

Looking at the ETH market, it has also corrected lower and is now trading just below the $600 region as of this writing. There are no signs of panic selling in the market as yet and we have to wait and see how the price action develops in the short term.

Forecast

Looking ahead to the rest of the day, we are likely to see the consolidation and ranging continue for the day with a bearish tinge as we continue to await specific direction in the markets. Till that arrives, we are likely to continue to see choppiness in the markets.