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Bitcoin and Ethereum Price Forecast – BTC Consolidates, ETH Shoots Higher

Bitcoin prices continued to remain strong and at one point of time, it shot throigh the $17,000 region but this move was only short lived as the prices corrected lower and it now trades above the $16,000 region and looks to be in a consolidation mode. The bitcoin futures were introduced for trading in the CBOE yesterday and many had expected it to lead to some large correction in the prices as the futures can be shorted as well. But so far, the impact on the overall bitcoin market has been only positive and the prices have risen by over 15% since the launch of the futures.

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Bitcoin Prices Stay Below $17,000

It might take a few days for the traders, investors and even institutions to figure out how the futures work and what can be done with it and till that time, we expect some choppy action in the bitcoin markets. The price action after a few days would be interesting and with CME also introducing bitcoin futures next week, it should be an interesting period for the bitcoin market. But still, the futures market is inaccessible to a lot of retail traders and so the impact would not be huge, if any.

Bitcoin 4H
Bitcoin 4H

The ETH market has finally seems to have overcome the network congestion issues and this has helped the prices to move to all time highs as the prices have crossed through the $500 region and continue higher as of this writing. We expect this bullishness to continue in the ETH market for the short and medium term and continue to believe on the strong fundamentals of ether.

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Forecast

Looking ahead to the rest of the day, expect some choppiness and consolidation in the BTC markets while the bullish leg in the ETH market should continue for today. As the markets digests the new developments and heads to the end of the year, we have an interesting period ahead of us.

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This article was originally posted on FX Empire

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