Bitcoin and Ethereum Price Forecast – Prices Consolidate as Traders Wait

The bitcoin prices continued to trade in a slow and steady manner though it is clear that the prices and the market are under pressure. The news of the hack at the coincheck exchange becoming bigger and with reports of hacks at a few other exchanges has increased the jitters among the traders and the investors. Though the coincheck exchange has promised to compensate the users for most of their losses, that does not seem to have helped to calm nerves. In fact, some questions are being raised on whether coincheck and their lax security was the reason for the hack and maybe that is why the exchange is trying to compensate the clients for their funds. There are also reports that some clients have started filing complaints against the exchange.

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BTC Prices Continue Consolidation

Again, we believe that all this is a part of the maturing process of the market. Clients, traders, investors, exchanges and corporates involved in this business need to understand the market, the technology and the industry and need to become more mature if they have to survive in this industry. Seeing the growth of the market, a lot of unregulated players walked in with no plans and now many seem to be suffering as a result but this will help to whittle down the lesser players and only the best and the fittest would survive which is good for the industry as a whole. So far, the bitcoin prices have taken it well as they continue to trade around the mid 8000s region over the last few days.

The ETH market is also in a mode of consolidation and ranging and it looks as though it would continue to do in the near future. It trades comfortably above the $800 region and looks set to move higher in the next leg, whenever that happens.

Forecast

Looking ahead to the rest of the day, we do not have any major fundamentals to shake up the markets for now and hence we can expect the consolidation and the ranging to continue. The Chinese New year celebrations are winding down and it remains to be seen whether there would be any impact on the market when the Chinese return back from their holidays.