Bitcoin and Ethereum Price Forecast – Prices Consolidate as Traders Mull Next Move

The bitcoin prices continued to be choppy and moved on either side of $11000 over the last 24 hours. The market is yet to make up its mind on whether the regulations in South Korea and the regulations that are likely to follow in the other parts of the world, are good or bad for the industry and as long as the uncertainty and the confusion exists, we should see the bitcoin prices continue to be in a state of flux and consolidative as well. We had mentioned around a month back that the highs of the bitcoin prices for the medium term seemed to be done and so far, the signs are that it is true. It is unlikely that the bitcoin prices are going past the $15000 region anytime soon and it is good that the traders get used to this range.

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BTC Prices Hold $10000 for Now

Apart from the regulations in South Korea, there are no other major developments in the bitcoin industry over the last 24 hours which is in itself a big achievement for an industry that seems to be in a state of constant change. The regulations in South Korea are likely to lay the template for the other regulators, going forward and we believe that this would be useful for the industry to grow and mature in the medium and long term. This could mean the exit of the speculators from the bitcoin industry, who were there mainly to get some quick profits, and this is bound to affect the prices in the short term.

The ethereum market also seems to have been affected by this push lower that we are seeing all across the crypto industry and it has been trading on either side of the $1000 region over the last 24 hours. This consolidation is likely to continue for the next few days and after that, we can expect a bullish run in the ETH prices.

Forecast

Looking ahead to the rest of the day, we are likely to see the consolidation and the ranging continue for the short term. As long as the BTC prices are above the $10000 region and the ETH prices are in the $950 region, we ca believe that the bulls are still in control. If we get below that, then it is anybody’s game.