The bitcoin market continued to trade in a sideways manner as the speculators and the traders begin to settle down for the long haul. The days of unending bull run which yield 20% returns in a matter of a couple of days in the bitcoin market are long gone. What we have now is a proper, mature market that is likely to move only based on demand and supply and with the demand tapering ever since the action from the Chinese regulators sent shock waves in the market, the prices have been numbed down into a small and tight range.
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Bitcoin Market in Flux
This is likely to last for the short term and probably for the medium term as well as the market tries to sort out where it wants to go and also we wait for the demand to pick up once again. But recovering strongly from the correction that we saw following the Chinese action, the market has clearly shown that it is here to stay. The next upcoming challenge would be the hard fork in November which is likely to bring in a new type of bitcoin similar to how bitcoin cash was born out of the fork in August. We will have to see how much of a hit the bitcoin industry would take due to this hard fork and that could also have a bearing on the price in the medium term.
The Ethereum market has also been trading within a tight range over the last couple of weeks and it is unlikely that the prices would go anywhere anytime soon. In fact, the ETH prices seem to be in a much smaller range than the bitcoin prices and there does not seem to be any escape from this ranging for now.
Forecast
Looking ahead to the rest of the day, expect the consolidation and ranging to continue for the day with the bitcoin prices being held by the $4400 region and the ETH prices being held under the $300 region for now.
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This article was originally posted on FX Empire