Bitcoin Traders Disagree on Where the Market is Headed

The path forward for bitcoin prices isn’t clear, market analysts say.

While some described the market to CoinDesk as bearish overall, other observers offered a more optimistic stance about the prospects for future price developments. Their input comes as bitcoin prices have largely traded rangebound in the last few days, fluctuating between $1,010 and $1,060, according to the CoinDesk Bitcoin Price Index (BPI).

While bitcoin prices reached an all-time high of more than $1,300 earlier this month in the lead up to the US Securities and Exchange Commission ruling on the bitcoin ETF proposed by investors Cameron and Tyler Winklevoss twins, they have fallen since. Interestingly enough, bitcoin prices were little changed when the SEC shot down a bitcoin ETF proposed by SolidX.

Others highlighted that sentiment has, for better or worse, changed in recent days. Much of the attention seems to have squared on the prospects of a possible bitcoin hard fork – and the resulting tension that has taken hold.

“The market has seen a switch in sentiment from hope of ETF approval to the ugliness of internal fighting,” said Charles Hayter, founder and CEO of CryptoCompare.

Fork blues?

Some analysts pointed to this ongoing dilemma when providing their overall bearish

Read more ... source: CoinDesk

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