Bitcoin and Ethereum Price Forecast – Prices Continue to Consolidate

As expected, the bitcoin prices have been ranging and consolidating around the $2500 mark over the past 24 hours and this is expected to continue in the short term. We also have an impending “fork” about the happen in the bitcoin industry on August 1 and it remains to be seen whether that is indeed going to happen and if it does, what is likely to be the impact of such a fork.

Bitcoin Prices May Undergo a Fork

The fork is something is like stock split as seen in the share markets and this fork is expected to increase the number of bitcoins that are in usage. It is still not clear though, on whether this is really going to happen and what is the likely impact of such an event happening but it is something that the bitcoin traders need to be aware of as it is very likely that a lot of material is likely to be written post such an event. It is also not very clear on what the impact would be on the prices of bitcoin and this is one more reason for the buyers to be a bit sceptical of buying at this point of time.

This could also be one of the reasons for the consolidation though a similar ranging and consolidation seems to be happening in the ethereum market as well and this trend should push these instruments into some tight ranges in the short term. Any breakout from these ranges is likely to attract buying or selling, depending on how it breaks and that would likely present an opportunity for the traders.

Forecast

Looking ahead to the next 24 hours, we are going to see this consolidation continue and for bitcoin prices, the consolidation is likely to happen between $2400 and $2600 while for ethereum, we expect the consolidation to happen between $190 and $210. As pointed above, a break in either direction would be worth a trade but till that time, it is better for the traders to wait on the sidelines.

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