While the Bitcoin price has been creeping to the upside recently, volatility has remained extremely low which means that trading opportunities has been limited.We are hoping for a return to a more exploratory price action soon, however, we may have to wait another week or two before conditions are conducive.Over this past weekend Bitcoin developers gathered in Milan, Italy for the Scaling Bitcoin Conference, a two-day event focused on solutions to Bitcoin’s supposed scaling issues.This was the second of such meeting, out of a total of four scheduled so far.The main points of discussion were SegWit, block size, Lightning Network, and Sidechains, all unsurprisingly popular topics.Although there were no major announcements or developments that came out of the conference, Bitcoin’s price seemed to like the idea of devs coordinating on solutions that potentially avoids the pitfalls of a non-consensus hard fork.We think this is one of the reasons price has been able to move above the $610 resistance level over the past few days.

Now that the market has digested that event, we think it is in danger of going back into hibernation until we get a more substantial catalyst over the coming weeks.Moving on to the charts for a look at the medium to long technicals, we can see on the 3-day chart below that price remains in a broad, range-bound consolidation between the $450 Bitfinex Hack low and the $700 bull trap high from back in June of this summer.Also, notice that the market is trying to put in a local bullish market structure bottom at the 38.2% Fibonacci retracement level, a good sign for the bulls, while the A/D line continues to push to the upside signaling that buyers currently remain at these levels.Lastly, for the bull side of things, the 200-period SMA is maintaining its trend reversal to the upside and should be supportive down to the $400 level, while RSI and MACD are showing room to run towards the upside from a medium term momentum standpoint.Having said that, Willy is almost officially overbought which tells us that near term momentum is getting stretched and is due for recharge, while price remains well outside of the volume profile value area.

Speaking of volume profile, it continues to be porous all the way down to PoC around $250 and trading volumes remain anemic, although given how much time price has spent up at these levels we don’t think a move all the way back down there is likely.If anything, a quick move back down to test the $450 regional low would washout weak hands, fill in some technical trouble spots, and recharge the indicators for a resolution up and out of this bull market consolidation.Overall it’s probably not hard to tell that we are looking for a breakout higher before year end, however, over the shorter term we are not nearly as sanguine.Given the lack of follow-through on the move above $610 over the weekend, as well as near term overbought conditions on most oscillators for the time being, we think there is a good possibility that the market stays trapped between the new $600 support level and the $630 resistance area for the majority of this week.Players still seem to be positioning for the range expansion that is bound to come sooner or later, which means that there is likely still some choppy, sideways action left before we get a more definitive, sustainable trend.

BullBear Analytics is the longest standing cryptocurrency forecast service in the market today., and have evolved into a buzzing community of savvy cryptocurrency traders.Adam Wyatt (@AKWAnalytics) is BBA’s Chief Analyst.We are offering a special discount to our Cointelegraph followers so enter ‘FALL2016’ at checkout for a 20% discount on all packages!bitcoin plus pump and dumpThanks and have a great BITday!texas bitcoin regulationDisclaimer: Please always do your own due diligence, and consult your financial advisor.ethereum etc vs ethAuthor owns and trades Bitcoins and other financial markets mentioned in this communication.bitcoin segwit when

We never provide actual trading recommendations.Trading remains at your own risk.Never invest unless you can afford to lose your entire investment.Please read our full terms of service and disclaimer at the BullBear Analytics Legal.The price of bitcoin could hit $3,000 by the end of the year after recently trading above gold and hitting a fresh record high, an analyst told CNBC on Tuesday.bitcoin value decreaseA rise on this scale would represent a near 150 percent increase from bitcoin's current price of $1,204 at the time of publication, and a more than 130 percent increase from the fresh $1293.47 high it set last week, according to CoinDesk data.bitcoin miner arrestedThe price of bitcoin at time of publication is not trading above an ounce of gold, but the recent rise in price, which is up 195 percent in the past 12 months, has been attributed to a number of geopolitical and broader market factors.ethereum 90 days

These include: Increased regulation from Chinese authorities to clamp down on money launderingDemonetization in India which has caused bitcoin to be seen as an alternative store of valueVolatility in other currencies and uncertainty in the global economy Now Adam Davies, a consultant at Altus Consulting, who works with large financial institutions on technology, is predicting bitcoin can go even higher.bitcoin con nvidia"In terms of price this year, I think it will go up to $3,000.ethereum 90 daysAs it becomes more pervasive and more generally accepted, I think you'll see rapid growth in adoption," Davies told CNBC in an interview on Tuesday."People are unsure about what is going on in the world, and digital currencies unlike the U.K.pound sterling have been hit badly because of Brexit, so people are looking to divest into bitcoin.There is a definitely upward trend.

So the drivers will be hedging against currency fluctuations and insecurity in the markets."Peter Smith, CEO of Blockchain, a bitcoin wallet, told CNBC by email that his company is seeing "unprecedented volume and sign ups", adding that at the current price appreciation, a £3,000 dollar price by the end of the year is "feasible".Experts said a number of other factors could help boost bitcoin this year.These include: The expected approval of a bitcoin-based exchange traded fund created by Tyler and Cameron Winklevoss.This could lead to a "flood of institutional funds" entering the market, according to Thomas Glucksmann, head of marketing at cryptocurrency trading platform Gatecoin.Japan has recently passed a bill that deems digital currencies as similar to fiat money and can be used as methods of payments, which could further the credibility to the cryptocurrency, which was once seen as just a means to buy illegal drugs Glucksmann said that $3,000 by the end of the year seems "realistic" but somewhere in the region of $2,000 to $2,500 is a safer prediction.