Bitcoin and Ethereum Price Forecast – Prices Consolidate As We Await Push Higher

The bitcoin prices are in a consolidation phase slightly above the $11,500 region as of this writing and the prices and the market have been quiet over the last 24 hours. After a brief period of correction towards the $10,800 region, the prices have since bounced back and are into the highs of its range but at this point of time, they seem to be a bit heavy. This comes amidst the announcement by the CME to launch bitcoin futures trading on December 10 and this would be followed by the launch of futures trading in CBOE on December 18. Both of these are likely to be momentous events in the history of bitcoins.

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Bitcoin Prices Await Next Push

Both of these exchanges are 2 of the biggest in the world and it is indeed a recognition of the growing popularity of bitcoins and the need to bring in more traders into a maturing market that has fashioned this announcement. It is likely that we are going to see some good 2 way action in the bitcoin market once the futures are released and this will add to the liquidity and the volatility in the market. We expect the bitcoin market to be subdued in the leadup to Dec 10 as the traders are not yet sure of what to expect once the futures launch. We are going to have some interesting times ahead.

The Ethereum market has continued to consolidate over the last 24 hours but what should keep the bulls happy is the fact that the ranging is happening near the highs and the prices have not fallen away which means that there is enough demand in the instrument. This should ensure that the next bullish leg is only few days away.

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Forecast

Looking ahead to the rest of the day, we expect the consolidation to continue in the BTC and the ETH markets and after that, we should expect the BTC prices to begin to make their move towards the $12,000 region in due course of time.

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