Bitcoin and Ethereum Price Forecast – BTC Prices Correct

The BTC prices dropped lower during the course of trading yesterday which can be seen as a correction of the larger move that has been happening in the markets over the last few days. This has since pushed the prices below the $8000 region but this is viewed only as a correction and we believe that as the period of correction and consolidation is over, the bulls will begin their game once again and start pushing the prices higher in the short term. The investors and the traders are still looking for a good opportunity to go long once again and with such support around, we find it difficult to see any chance of a reversal at this point of time.

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BTC Prices Correct Lower

Once the consolidation is complete and the next leg of the bull run begins, the next logical target would be above the $8500 region and in due course of time, we should be expecting the prices to target the $10,000 region in the short term. It is likely to take a while but with the bull run upon us, we are in no doubt that the first target of the bulls would be that round figure. If and when the prices get there, we will have to watch the price action carefully to see whether the move higher would continue or whether it would fail like it did the last time around.

The ETH prices have managed to survive the move lower that has been seen in many of the cryptos and it continues to trade above the $450 region. What should be noted by the traders is the fact that the ETH market did not join in on the move higher and it did not join in on the correction so far as well and the prices have been pretty stable. The market would be hoping that it joins the move higher when the next leg begins.

Forecast

Looking ahead to the rest of the day, with the weekend almost upon us, we can expect some consolidation and ranging to take place for most of the day and we believe that the same action is likely to continue for the weekend as well.