Bitcoin and Ethereum Price Forecast – BTC Prices Correct Further

The BTC prices continued to suffer for another day yesterday and now the prices are clearly trading below the $8000 region as of this writing and it looks as though it is going to take a while before the bull run gets going once again. Over the last week or so, we have had the BTC prices rise by more than $1000 and hence some kind of correction would be no surprise. As long as the prices manage to hold above the $6800 region, we can safely say that the bulls are in control and that it is only a matter of time before they start pushing the prices higher once again.

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BTC Prices Back Below $8000 Again

Till that time, it is important for the traders to continue to stay in the game and add to their positions at the right support regions so that they can take full advantage when the bull run resumes again in the short and medium term as well. They also have to make sure that they are ready to exit trades when it turns fully against them, if and when it happens. The crypto market has diversified to a great extent over the last few months and it is no longer only about BTC or ETH as was the case last year. Though BTC continues to lead the pack and get all the attention, it is likely that this diversification is likely to put pressure on the prices in the medium and long term.

This is exactly the reason why we are finding the ETH prices are also suffering and being under pressure over the last few weeks. The prices are now well and truly below the $450 region and the market has been unable to find a bid even when the rest of the crypto market had been moving up last week. It is only going to get even more difficult for ETH in the medium and long term if the trend continues.

Forecast

Looking ahead to the rest of the day, we might see the correction in the markets continue for the day and this could push the prices lower. But as long as the prices are above the $6800 region, any sort of correction should be viewed as an opportunity to go long in the markets for the short and medium term.