Bitcoin and Ethereum Price Forecast – Bitcoin Prices Finally Break Through $3000

Finally, the break through the $3000 region came about in the bitcoin market and this will cheer the bulls immensely. We have been saying many a time that with the number of bitcoins limited, the $3000 was only a psychological mark for the traders and once they are convinced about the strength of the bitcoin as a viable currency, it would only be a matter of time before the investors and traders pushed the prices through $3000 and further.

Bitcoin Market Cap exceeds $50 Billion

That the move came over the weekend should take a bit of sheen off the move but then, this opens the possibility of the prices coming back to the $3000 region over the week. With the prices having run away as far as $3300, which is natural for any kind of breakout, the correction back to the $3000 region would be a good opportunity for the investors and the speculators to go long again on the bitcoins and they are likely to be waiting for the correction to happen.

That the breakout came on a week when the bitcoin market split into bitcoin and bitcoin cash and when many had predicted uncertainty and confusion in the bitcoin market, should come as a great relief for the bitcoin traders and it should also be a measure of the strength that lies within this market as the market cap broke through the $50 billion barrier for the first time as well. All in all, it was a momentous weekend for the bitcoin market and this is likely to continue in the short term.

The ethereum market also picked up cues from the bitcoin market and pushed through $250 over the weekend and trades well above that market as of this writing. Those who could not get in earlier are likely to wait for the correction in the prices before starting to buy ETH again. The fact that both bitcoin and ETH have moved higher despite the strength in the dollar against other fiat currencies shows the strength in these markets.

Forecast

Looking ahead to the rest of the day, we expect the bitcoin and ETH market to consolidate for some time. As we had mentioned earlier, we expect the traders, who could not pick these up before this latest move up, to be waiting for a correction in these markets so that they can pick them up.

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