Bitcoin Price Forecast – Prices Steady But Bullish

Bitcoin prices continued to hold steady and consolidate, as we had mentioned in our forecasts over the past couple of days. The cup and handle pattern did come true and this pattern did yield more than a $100 rise in price but the prices have since been correcting and they have moved lower over the past 24 hours and this consolidation is likely to continue in the short term.

The consolidation in the bitcoin prices follows that in the general market where we are seeing a general calmness in the markets, especially during the second half of the month. This is due to the fact that the economic events dry up in the second half and there are not fundamental drivers for the prices as we move towards the end of the month. It is more about positioning for the upcoming month and also the month end flows.

In bitcoin also, we do not have any major drivers of prices as of now and that is why we have been seeing the consolidation over the last couple of days as the markets await the next short term direction from somewhere. Also, bitcoin prices are near their all time highs and it is natural for the traders and the investors to be sceptical of buying at these high prices and this could also be one of the reasons for this ranging.

Forecast

Technically, we are seeing a bullish flag developing in the 4H chart and this is likely to break out higher in the short term. This is in consonance with our view that the prices continue to be bullish in the short and medium term and since these 2 views agree with each other, this is strengthened and we should see the bitcoin prices move higher shortly and when that happens, we should see the bitcoin prices moving back above $2800 again.

Get Into Bitcoin Trading Today