Bitcoin and Ethereum Price Forecast – Bitcoin Breaks Out, ETH Follows

As expected, the bitcoin prices shot through the roof once again yesterday as the prices easily broke through $4400 and moved beyond that and it trades around the $4600 region as of this writing. We had mentioned that it was only a matter of time before the next leg of the bullish run began and we have been proved right as the prices sliced through $4400 and looks strong to continue its bullish run in the short term.

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Bitcoin Breaks Through $4400

It has already completed its $200 move which is customary for every breakout in the bitcoin prices and we may see a slight follow through before it begins its next period of consolidation and rest. As the prices move higher and higher, the strength of the breakouts are likely to get lesser and lesser and we might also start seeing more and more of consolidation as the attention and the focus begins to shift to other cryptocurrencies that are likely to give better returns in terms of funds invested.

Ethereum prices have also piggy backed on the upmove in the bitcoin prices and have since moved higher over the last 24 hours and now trade in the $370 region as of this writing. The uptrend in the ETH instrument is very much intact and we might even see ETh giving better returns in terms of percentages when compared to bitcoin, in the short and medium term as well. This is natural as the attention from the traders and the investors begins to get distributed across many other coins and cryptocurrencies as the markets mature and people realise that this market is here to stay and no more just a fad.

Forecast

Looking ahead to the rest of the day, we are likely to see the upmove in the prices continue in the BTC and the ETH markets as well for the day as the traders pick up the breakouts in the prices and begin to trade this.

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