Bitcoin prices zoomed higher for the thirs successive day as it made its fastest $1000 move in its history. It should indeed be a very frustrating experience for those who have not yet got in on the bandwagon and hence are forced to watch all this action from the sidelines. It would be extremely tempting to buy some bitcoins but the way the prices have moved higher over the last few days increases the questions and doubts in the minds of people and that is why many are still unable to get in on the ride. Shorting of bitcoins is still not allowed at many brokers and exchanges and this could also be a reason for the unidirectional move of bitcoins.
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Bitcoin Prices Continue to Zoom Ahead
The prices may also be rising higher as last gasp move before the launch of bitcoin futures in CME and CBOE in the next week or so, followed by other exchanges as well, we are sure. This could open up the possibility of shorting the bitcoin and this could bring in a whole new paradigm shift in the bitcoin market. Or maybe not. We do not know about this as yet at this point of time and we would rather wait for the futures to be launched and see how the markets react to it before jumping in on trades at this point of time. By the time it is launched on December 10, we could probably see the bitcoin prices zoom to $20,000 in anticipation of something big happening. Anything is possible.
The Ethereum market has been suffering from the lack of focus on it over the last couple of weeks and there has been a lot of consolidation with a bearish bias during this period. We expect this to continue as we head into the end of the year. The clogging of the ETH network has not yet been fully resolved and this has been affecting the market as well.
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Looking ahead to the rest of the day, we could not be surprised with another $1000 to $2000 move in the bitcoin prices during the next 24 hours but our focus is on the next week when the futures would be released and that is likely to give us the direction for the short and medium term.
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