Bitcoin and Ethereum Price Forecast – BTC Stalls, ETH Zooms

As we have been saying in many of our forecasts over the last couple of weeks, the bitcoin prices seem to have stalled and they no longer seem to have the momentum that they used to have till the beginning of this month. That the introduction of futures in the CME and the CBOE has a role in this kind of price action is a matter of conjecture but the fact is that the introduction of futures has increased the ways by which the bitcoin market can be shorted and this is an effective tool to control its price rise. It is something that will be welcomed by top traders and big investors but it is something that is likely to be loathed by speculators who have now lost the ability to keep pushing the prices in one direction without much of an opposition.

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Prices Continue to Consolidate

We had also mentioned that the alt coins seem to have picked up the baton from the bitcoin market and that is why we are seeing them rising at a faster pace that the bitcoin prices. The BTC prices seem to be caught in a phase of consolidation between $18000 and $20000 and it continues to trade within this range over the last couple of weeks. We are also seeing increasing attempts at regulating the BTC market around the world as the attention grows on this industry. This is also likely to add pressure on the prices of bitcoin in the medium and long term.

The Ethereum market has benefited from this stalling in the prices of bitcoin and now we are seeing the ETH prices push through the $800 region during the course of the last 24 hours. We have been saying that the ETH market is pretty strong fundamentally and that if anything happens to the bitcoins, then ETH is likely to be the one to benefit the most.

Forecast

Looking ahead to the rest of the day, expect the consolidation to continue in the BTC market as the ETH market and its prices begin to pick up the pace over the next day or so. This kind of price action is likely to continue in the short term.

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