Bitcoin and Ethereum Price Forecast – Bitcoin and Ethereum Recover

Both bitcoin and the ethereum markets recovered very smartly over the last 24 hours showing that there are still a lot of investors and traders who continue to believe in them and hence these currencies are here to stay. The bitcoin prices shot back through the round figure mark of $2000 and it now trades comfortably above $2100 as of this writing.

Bitcoin and Ethereum Likely to Recover

In many of our recent forecasts, we have been mentioning that the fall over the last week or so is part of a correction and this is something that is needed in any market that has risen astronomically over the last few months. Considering the volatility and the low liquidity in such markets, it is only natural that the corrections are also very quick and fast and the size of the correction is also very large.

This is the reason why we had advised the traders not to panic at this stage. Also, by all the looks of it, this market is here to stay and like any market, it takes time to mature. The liquidity is low and that is the reason why we are seeing so much of volatility but as the market matures, it is likely to draw in large traders and investors, both in terms of size and number, and this will push the market into maturity and stability much quicker.

Forecast

Looking ahead to the next 24 hours, we should expect the bitcoin prices to continue their recovery and this is likely to push the prices towards $2250 where it is likely to face a lot of selling. We should then see the prices consolidating between $2000 and $2250 for the short term. Ethereum prices have broken through $180 which should now serve as support for the short term and the recovery should continue in the form of consolidation with a bullish bias.

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