Bitcoin and Ethereum Price Forecast – BTC Prices Correct Lower

The BTC prices corrected lower during the course of the weekend but this is something that was expected as far as the bulls are concerned. We have been saying many times over the past couple of weeks that the best sign for a healthy trend is for some correction to take place in the markets as part of the trend. Hence as we saw the prices fly through the $6800 region to signal a break of the highs of the range, we also saw that the prices flew through the region and reached as far as $8500. But we always felt that a correction back to the broken highs of the range was due.

Suggested Articles

• Why Bitcoin Cash is Better than Bitcoin?
• How to Buy Bitcoin Cash?
• How to Short Bitcoin?

BTC Prices Near $7000

That is the same that we had been saying and finally, we have seen the correction happen and this has provided a very good opportunity for the bulls to re-establish their longs once again There has not been any specific reason for the prices to correct lower apart from some profit taking and technicals and that is why we believe that the bull run is still intact and that the prices would move higher once again in due course of time. The fundamentals continue to favor the crypto market and considering the fact that we are getting towards the close of the year, we are likely to see a bull run happen at anytime.

The ETH prices have also corrected lower back towards the $400 region and this is likely to keep the market under pressure for now. The supports are nearby and hence we believe that it is only a matter of time before the prices start moving higher again in due course of time but as we have seen over the last few weeks, the ETH market isnt as buoyant as it should be.

Forecast

Looking ahead to the rest of the day, the region around $6800 would be the key going forward and as long as it holds, we should see that the bulls continue to be in control of the market. Any break below this region, should see a sell off and then a much deeper correction but we believe that it is unlikely to happen for now.