Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate

The BTC prices have found some support in the $6600 region as we had expected and had mentioned in our forecast yesterday. This is likely to be the last stand for the bulls and if this region gives way, then we are likely to see the prices drop below the $6000 region in due course of time. If and when that happens, it is going to be a long way back for the bulls from there and in fact, with many of the traders locked at much higher prices and not being able to get out, we could see a situation where there could even be no way back at all. It is likely to be a strange situation considering the fact that the number of BTC is pretty much limited.

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BTC Prices Still Below $7000

This is contrast with many of the other instruments and stocks where the supply is much larger. With many large investors and funds and banks entering into this market in due course of time, it is likely that the less than 20 million BTC may not be enough to accommodate all and hence even if some of the larger investors are looking to collect BTC at lower prices, it is unlikely that they are going to get too many at too low a price. This is only going to lead to an increase in demand and the prices are then likely to move higher in search of BTC at better price. All in all, we can say that there are some interesting times ahead.

The ETH prices have also been struggling to make their way higher though they trade above the $500 region as of now. The region around $480 is likely to lend some strong support for now but due to the character that most of the crypto instruments tend to move together in price, especially the bigger ones, we do not have any high hopes of a recovery in the ETH prices just yet, as BTC also continues to flounder.

Forecast

Looking ahead to the rest of the day, we expect some consolidation to happen near the support regions and this is likely to continue for the rest of the day and probably the week as well as the bulls await their turn at the turnstiles.