Bitcoin and Ethereum Price Forecast – Prices Consolidate

As we had mentioned in our forecasts yesterday, the bitcoin and ethereum prices began to consolidate as the traders digested the gains that they have made over the past couple of weeks and now wait for the right time and the right price for them to launch the next leg of the uptrend. The bitcoin prices have shot up by over 40% over the last couple of weeks and so it is only natural that we see some correction and consolidation in the short term and this is healthy for any kind of market.

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Bitcoin Prices to Consolidate

On the other hand, it is not possible for the prices to continue to keep going higher forever and that is the reason why we are seeing some traders baulking at the idea of buying bitcoins at this point of time. They needed some assurance and confirmation that the prices are still going higher and without that, many traders would start finding it difficult to keep pushing the prices higher and this is what we have to watch out for.

We are also scheduled to have a fork in ethereum in September and another fork in the bitcoin network in November with the bitcoin fork being the more challenging one as there are 2 teams controlling that network right now and they are at loggerheads with each other on how to go about the fork.

Ethereum prices continued to consolidate and range within the $280 to $330 price regions and this is set to continue in the short term as we approach the fork. A good outcome from the fork is likely to be highly bullish for the ethereum prices in the short term.

Forecast

Looking ahead to the rest of the day, we do not have any major fundamentals attached to the bitcoin or ETH markets and thats why we are likely to see the markets consolidate and range as we wind down towards the end of the week. Watch out for any breakouts in either directions as they are likely to give some good opportunities for trades.

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