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Bitcoin and Ethereum Price Forecast – BTC Prices Continue Slowly

Colin First
Updated

The BTC prices tried to make a surge yesterday and now they are trading in the $6500 region as of this writing. By surge, we do not mean any major moves as the market has been in the sleep mode for quite some time now. There does not seem to be any motivation for the traders or the investors to push the prices in any specific direction and now we are beginning to feel that, unlike last year when there was a huge increase in the prices towards the end of the year, we may not have any major price rise at all in the latter half of the year and the rest of the year would be spent in just accumulation and a lot of consolidation as well. This is likely to see a lot of weak hands being whittled out of the market.

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BTC Prices Steady

By that, the weak hands would not just be the traders and the investors alone, we could also see many companies and businesses, which had been started in the hope of making a quick buck also being crushed during this period as they fail to find any kind of traction in this business and they are likely to fold up unable to sustain their business for long. This could happen to a lot of ICOs, which we are already seeing, exchanges and a lot of other businesses as well. This could be advantageous to the market in the long run as only those who are serious about this business are likely to survive in this business for long and this is only going to add to the maturity of the blockchain world.

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The ETH prices have also been trading in consolidation mode and that has been the general trend in the crypto market for the past few weeks. But the ETH market seems to be much slower and weaker than the BTC market and it appears as though this is going to continue to be the case and this is what is going to present the most risk to the market in the short term.

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Forecast

Looking ahead to the rest of the day, it is likely to be more of the same of what we have been seeing in the markets over the last few weeks as the consolidation and ranging refuses to go away. We are likely to see this continue for today and over the weekend as well with the $6800 region continuing to be the line in the sand for the bulls and the bears.

This article was originally posted on FX Empire

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