Bitcoin and Ethereum Price Forecast – Bitcoin Likely To Reclaim $6000 Handle Shortly

Bitcoin recently made a sharp drop but has found support at the $5,200 area where bulls were likely waiting to buy on dips. This has spurred a recovery rally with momentum pulling the price all the way above $5600 mark during European market hours on Friday. If the momentum carries forward in sessions to come there is a high chance for the pair the reclaim previous support of $6000 mark by next week. While legacy altcoins saw a severe market slump with Bitcoin sliding more than 80% from 2017 peaks and several other major crypto coins dropped by as much as 95% from their 2017 highs, many analysts and investors continue to maintain an optimistic view of crypto market.

Bull Momentum Seems To Have Exhausted Temporarily

This optimism stems from the fact that fundamental data supports continued long term growth for all major crypto pairs. Like any trading instruments crypto is also subjected to sharp decline owing to various factors which means a bullish rebound is bound to reoccur over a period of time. Binance, which is regarded as largest crypto currency exchange based on total volume traded, pulled in over $3 billion in revenue in the first half of the year and this news comes despite the fact that market wide slump has seen total market cap slide from $800 billion to around $180 billion post major cryptocoin’s hitting their highs in 2017. This indicates that despite decline in market cap, crypto industry has seen steady inflow of traders and investors which indicates global interest in crypto currency industry.

While we can’t exactly point out when the next sudden or steady bullish climb may occur, crypto pairs are expected to continue seeing fund flow again as investors still believe in seasonal gains made during end of year. This is clearly evident as BTC/USD pair has recovered more than 400 pips from yearly lows as visible in daily and intra-day charts. The pair is trading with over 2% increase in value at $5602.9 mark as of writing this article. Similar to Bitcoin, Ethereum the second most popular crypto coin among legacy crypto pairs has made significant recovery from yearly lows and is trading flat as ETH bulls seems to have exhausted their momentum having made considerable amount of recovery. While the pair has fallen from previous sessions high’s it is well above recent lows and as of writing the article, ETH/USD pair is trading at $178.27 up by 1.55% on the day when compared to yesterday’s closing price. While the bulls seems to have run out of momentum ahead of week’s close, the price holding near recent high’s indicate considerable amount of activity in crypto space and bull momentum in likely to remain high in trading sessions to come next week.