Bitcoin Price Forecast – Prices Likely to Consolidate

Bitcoin prices stabilised somewhat, over the last 24 hours, as we had mentioned in our forecast yesterday. This was after a very volatile couple of days when we saw the prices fall by 10%, rise by 5% and again fall as well. Now, the prices seem to have stabilised around the $2400 mark and we believe that there would be some consolidation in this region before the next move higher. But for bitcoin, unlike other currencies, the consolidation itself would mean a range of around $200 and thats what makes it a very volatile and trick instrument to trade.
Bitcoin has been getting increased competition from the other cryptocurrencies in the recent times as the traders want to diversify and use the opportunities presented by the other currencies which have all been on their own bullish runs over the last few weeks. Till just a year or so back, bitcoin was the only cryptocurrency that was available which had a decent amount of liquidity available but we are now seeing liquidity in the other cryptocurrencies as well which would also be useful for establishing the credibility of this market.

For long, bitcoin traders had suffered due to the lack of trust and credibility but with other challengers arriving, the trust factor has improved over the last several months which has helped to bring in more and more traders and investors into this industry which has helped all of them grow together and it is also one of the reasons for this bull run.
Forecast
As mentioned above, we are likely to see the bitcoin prices stabilise in this region over the next 24 hours as the traders begin to take some profits off the table and prepare themselves for the weekend. As we keep mentioning over the last few forecasts, the bitcoin prices will continue to be in an uptrend in the medium term but the key would be to be able to sustain the drawdown caused by the volatility in this instrument and wait for the right place to enter.
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