Bitcoin and Ethereum Price Forecast – BTC Prices Still in Range

The BTC prices have been buoyant over the last 24 hours but it has to be said that the prices continue to consolidate and trade within the larger range. We have been mentioning in many of our latest forecasts that the region around $7800 would be the key and unless and until that is broken through, the prices are likely to remain choppy with a lot of buying and selling happening within that range. That is what we have been seeing over the last couple of weeks as ever since the prices broke below this support region, they have struggled to gain any sort of momentum and they have basically struggled to hold on to their gains.

Suggested Articles

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

Prices Continue to Consolidate

The market is fast maturing but at the same time, the bitcoin network faces challenges from the other new networks as well. This has led to the distribution of funds into other coins, networks and tokens and what we are now seeing is consolidation as the investors realign their funds and investment according to the changed situation and market action. The market is only going to grow bigger in the medium term and this is going to pull in more and more investors and the development of this technology would mean that both the breadth and the size of the market is going to increase and it is going to be interesting to see how the BTC development and the market is going to adapt to these changes.

The ETH prices have also been buoyant but also within a range as we have been seeing in the BTC market. We are now seeing the prices slightly above the $600 region as of this writing and it is going to continue to consolidate in the short term like the rest of the crypto market.

Forecast

Looking ahead to the rest of the day, we believe that the ranging would continue as the market awaits the next direction. As we have said before, unless there is a break through either side of the range, the market action would be limited.