Bitcoin Price Forecast – Wait for Better Prices

Bitcoin prices continued to consolidate during the last couple of days and this is what we had mentioned in our forecast on Friday as well. As we had mentioned then, even a $200 move is considered as consolidation as far as the bitcoin prics are concerned due to the enormous amount of volatility that is seen in the prices. When moves of $400 over a 24 hour period is concerned as normal in bitcoin, we should be thankful that we get only a $200 move over a period of 2 days.
The consolidation in the prices is likely to continue in the short term as the markets around the world tend to consolidate as we head into the second half of the month. With some strong support seen in the $2400 region and with selling coming in at the $2700 region, we are likely to see the bitcoin prices continue to trade between these boundaries in the short term. The prices are unlikely to get a boost anytime soon with the liquidity being low in bitcoin due to the sharing of liquidity among several cryptocurrencies.

While bitcoin was the undisputed king of such currencies as of last year, it has started to get a lot of competition from others over the last year or so and this has led to the distribution of available liquidity into those currencies as well which has helped them to move higher as well, along with bitcoin. Also, with bitcoin prices skyrocketing, smaller investors would find it difficult to invest in them as they are likely to see better returns, in terms of percentage, when they invest in smaller and cheaper cryptocurrencies.


Looking forward to the next 24 hours, as we had mentioned earlier, technically and fundamentally, the bitcoin prices are likely to trade within a tight range and consolidate as the market awaits the next direction from somewhere. Till then, buyers can wait for better prices in the short term and they should be looking in the $2500 region as the place where they can choose to buy bitcoin again.
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