Yahoo Finance Bitcoin and Ethereum Price Forecast – BTC Under Pressure, ETH Makes All Time Highs Again
The bitcoin prices continued to trade below the $15,000 region as the regulators close in on restricting the bitcoin trading and exchanges as well. There are also reports that the Chinese regulators are looking to restrict mining as well, viewing it as eating up a lot electricity and hence increasing the carbon footprint, and this adds a new dimension to the story of how the various regulators are going to deal with the bitcoin industry. Though the fact that the regulators are after the bitcoin industry is not something that is new, this is the first time that we are hearing the regulators go after the mining side of the industry and this has led the bitcoin prices lower as it trades just above the $14,000 region.
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BTC Prices Move Lower on Regulatory Pressure
By the look of things over the past month or so, it is clear that the highs for bitcoin are in atleast for the medium term and gone are the days when we could see the bitcoin prices rush high by $1000 or $2000 within 24 hours and continuously make all time highs every few days. This is unlikely to happen anytime soon again and with the introduction of the BTC futures adding to the pressure on the sell side, we are likely to see a lot more consolidation and correction in the prices rather than any major upside for now.
The offshoot of all these developments in the BTC industry is the fact that the traders and the speculators are likely to move to the altcoins and this can be easily seen at this point of time as many of the altcoins have been making all time highs during this period. The ETH market is also likely to benefit as it has stronger fundamentals and is much more deep rooted and stronger than many of the other cryptos. That is why we are seeing the ETH prices continue to make all time highs almost on a daily basis and now we see it trading above the $1300 region as of this writing.
Forecast
Looking ahead to the rest of the day, the BTC prices are likely to continue under pressure for the day and any bounce in the prices towards the $15000 region is likely to heavily sold into. The better market for the traders seems to be the ETH market at this point of time which is likely to continue to move higher.
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This article was originally posted on FX Empire
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