Bitcoin and Ethereum Price Forecast – BTC Prices Move Lower

The BTC prices have dropped lower as the risk sentiment dips all across the globe over the last 24 hours. There are some serious threats of a global trade war breaking out and this has affected the markets in a deep manner and we have seen many of the markets around the world crashing. The bitcoin market also seems to have been affected by the same as the prices have move below through the $9000 region and the prices continue to look far below. But at the same time, we are getting to the end of the tax season and in such a situation, it is likely that the move lower would be slow and steady as the consolidation continues.

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Prices Lower As Uncertainty Looms

We continue to believe that this is only a period of ranging, correction and consolidation and we should see a bullish market over the next few weeks. But the threat of a trade war is something new to the markets and the traders are still confused on how they should be responding to the same. This is why we are seeing some choppy trading in the FX markets over the last 24 hours as the US has imposed tariffs on Chinese goods in a continuation of their policy of pushing through nationalism instead of globalism which has been the norm over the last few decades. But we believe that this fall should only be there for the short term and we should see the prices recover pretty soon.

The ETH prices have also dropped lower in a trend that is in sync with the rest of the most of the crypto market. The ETH prices have been under pressure for quite sometime now as the uncertainty over the direction that the network has to take, seems to be affecting the market as a whole.

Forecast

Looking ahead to the rest of the day, expect some consolidation at the lows of the range as the market builds itself for the next direction. With the global markets choppy and in uncertainty, expect some of that to percolate to the crypto markets as well.