Bitcoin and Ethereum Price Forecast – BTC Prices Recover

The BTC prices have bounced off from the $8000 region once again and now trade in the $8500 region as of this writing which shows the kind of buying and support that we are seeing in the region time and again. We believe that the BTC prices could consolidate in this region with the $8000 price region acting as support and unlike some strong expectations, we believe that the ranging would last for quite some time in the coming weeks. This is similar to the consolidation that we had seen in the BTC markets last year as well and we believe that history is likely to repeat this year as well.

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Prices Rebound from $8000

Looking ahead, we do not foresee that thr BTC prices would be able to run away just yet even if the bulls continue to be in control. We believe that we are in a stage in the market when the traders and the investors are looking to accumulate their  stocks of BTC at low prices and hence they would not be interested to push the prices higher and let it run away by too much in the short and medium term. If and when the accumulation gets over, we should see the prices continue higher and the line in the sand for that would be region between $7800 and $8000. If this region breaks lower, then we should see the bears back in control.

The ETH prices have also managed to climb above the $700 region over the last couple of days and they have also confirmed that the support and the buying continue to abound in the $680 region which is expected to keep the prices buoyant in the short and medium term.

Forecast

Looking ahead to the rest of the day, we do not have any major fundamentals that are likely to affect the market at this point of time and so we believe that the prices are likely to remain range bound and consolidate for today.