Bitcoin and Ethereum Price Forecast – Consolidation Mode
Bitcoin continues to defy gravity and much more with Bitcoin sitting at just under $5,500 at the time of writing, as the markets continue to look ahead to up and coming forks that are likely to result in additions to the Bitcoin family, with Bitcoin Gold the first up next week.
Investment bankers have tried to stem the Bitcoin storm, though the advice may be that ‘if you can’t beat them, join them,’ some of the very same U.S banks now looking to provide a Bitcoin trading platform.
Cryptocurrency resilience has been more than evident, despite the best efforts of some governments to curb the seemingly unstoppable rise in value, which may suggest that talks of a bubble will begin to abate. Remove the scaremongering and what’s left could be a surge of stratospheric proportions, the scaremongering having left many an investor on the side lines, laying-in-wait for the collapse…
As ever, caution is needed, but as Bitcoin continues to knock down the walls of resistance, some may decide to throw caution to the wind.
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Bitcoin Prices Ignore the Prospect of Hard Forks
In contrast to the August hard fork that saw Bitcoin tumble to sub-$3,000 levels, sentiment towards the possible creation of Bitcoin Gold seems to have few in arms as the battle between Bitcoin’s core developers and the mining cartel rages on.
Some consolidation over the near-term would be the classic way of thinking, but with little seemingly able to get in the way of the dynamicity of Bitcoin and the market, support levels remain strong at present, despite the likes of Goldman Sachs suggesting that gold remains their preferred investment of the two.
Ultimately, the question will be whether too many Bitcoin hard forks will spoil the broth, the cryptoworld having been able to stomach the creation of Bitcoin Cash, which to-date remains the only alternative Bitcoin currency.
Ethereum prices eased back at the time of writing, down 9.33% at $306.04 as some profit taking hits following the success of the hard fork at the start of the week.
Ethereum has yet to test Bitcoin, but Bitcoin may be about to test Ethereum support, with the Bitcoin Gold Fork providing an alternative to Ethereum miners, with graphic processing units about to be an option to mine for Bitcoin Gold.
Forecast
Barring any unforeseen events through the day, we will expect some degree of consolidation to prevail as the Cryptoworld looks ahead to the upcoming forks and whether there will be a resultant shifting of the goal posts for Bitcoin and Ethereum, though as we have seen in the past, there’s plenty of appetite for now to support the various cryptocurrencies over the near-term.
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This article was originally posted on FX Empire
