Bitcoin and Ethereum Price Forecast – Markets Consolidate As Uncertainty Looms

Bitcoin prices continued to consolidate and range for much of the day yesterday, something that it has been doing for the past few days now. We had mentioned that this was likely to happen in our forecast yesterday and the price action has been following the same template over the past 2 days. The bitcoin market is still undergoing a period of transition after the end of the fork and it remains to be seen what the full effect of the fork is going to be.

Bitcoin Prices To Consolidate

So far, the effects have been minimal but it is an ongoing process that is likely to take around a month before the full effects are known about this. There is still a bit of confusion and uncertainty around, on what needs to be done, which approach to follow and who have moved to mining bitcoin cash etc. and until these are clear, we cannot be drawing too many conclusions about the market and this is also one of the reasons for the consolidation happening in the market as the buyers are in a wait and watch mode.

The ethereum prices continue about in a quiet manner with not much of action happening in the market. The prices continue to hover about the $220 mark and this is likely to continue in the short term. The uncertainty in the bitcoin market seems to have affected the ethereum prices as well and the buyers in this market are also unable to commit too much at this point. This entire cryptocurrency market involves a lot of technology and this is why the investors are unable to push through with their buying.

Forecast

Looking ahead to the rest of the day, we expect the prices in the bitcoin and the ethereum market to consolidate and range and this is expected to continue in the short term which should be a relief for the traders who have been affected by all the volatility in these markets over the last couple of weeks.

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