Bitcoin and Ethereum Price Forecast – Bitcoin and Ethereum Rush Higher

The bitcoin and the ethereum prices continued their recovery yesterday, something that we have been assuring over the past few days when the markets were in a state of panic. As we have been saying, this market is here to stay for the long run and though some new currencies might come and fail, we believe that the strongest will survive for the long term. Bitcoin and ethereum are by far the biggest of the lot so far and thats why we continue to believe in them and continue to believe in their uptrend so far.

Bitcoin and Ethereum Continue Strength

One thing that we have been noticing over the past few months is the fact the the prices of bitcoins and ethereum, especially, fall during the time of introduction of new ICOs. This seems logical to an extent as most of the payments for these ICOs are done through ethereum and once the funds are collected, it is possible that the ICO owners dump a part of that into the market which causes the market to fail and fall as well. This is a small market in terms of liquidity, so far, and so even a 100k order is likely to rock the markets.

Of course, then there are the rumors and the nay sayers who still do not believe in this market as yet and wait for the opportunity to put down this market and wait for it to fail big time. All this are clear signs of a maturing market and we believe that this maturing process is likely to take a couple of years atleast. It is only then that the prices are likely to be steady and the liquidity will be high.

Forecast

Yesterday, the bitcoin prices rocketed through $2200 and through $2300 and it sits comfortably above that as of this writing. The next target should be $2400 which should be achieved pretty easily during the course of the day and after that, the prices are likely to hit a wall and consolidate. On the other hand, ethereum prices have shown even more strength over the last 24 hours and after having briefly moved through to $260, it has since corrected back to its strong support region of $220 where it is likely to consolidate before its next leg higher.

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