Bitcoin and Ethereum Price Forecast – BTC Prices Above $7300

The BTC prices broke through higher above the $7300 region once again but the going has been slow and painful. The prices do not seem to have a spring in their step but we believe that the bulls would not care less about it. They would be more focussed on ensuring that the break higher continues unabated and as long as they are able to hold the prices above the $6800 region, they should be fine and they would be happy as well. They have managed to do that so far which shows that the bulls continue to remain in control of the market and this should help to draw in more buyers.

BTC Prices Stable

This would in turn help to draw in more demand for BTC which should help to fuel the prices higher. Even the news of fake volume being generated by a user at bithumb and the reports of $100 million worth of crypto being transferred to exchanges has not had much of an impact on the market which continues to trade in a strong and steady manner over the last 24 hours. We believe that this is likely to continue in the short term and if it does maintain this buoyancy in the short term, it should be able to sow the seeds for the bull run to continue in the medium term as well.

The ETH market continues to struggle and even the move higher in the BTC prices do not seem to have enthused the ETH traders and the price continues to trade below the $300 region as of this writing. From being the dark horse for becoming the next bitcoin to becoming a coin which everyone seems to want to dump, is a huge fall indeed for ETH and its market.

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Forecast

Looking ahead to the rest of the day, we do not have any major fundamentals or economic events to affect the crypto market at this point of time but we will have to wait and see whether the bull run continues to flourish or whether we are going to hit a roadblock. For now, the conditions seem to favor the former and not the latter.