Bitcoin and Ethereum Price Forecast – Bitcoin Prices Shoot Past $4000

Well, those who missed the run up through the $3000 mark got little chance to load up on their longs for the next bull ride as the bitcoin prices shot to $3500, made a small correction to our first target of $3200 and has now shot through higher over the weekend to trade above $4000 as of this writing in a bull run that is remarkable even by the volatile and bullish standards of bitcoin.

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Bitcoin Likely To Become Important To Traders

Bitcoin prices are known to be highly volatile with daily ranges of 10%-15% being quite common especially when the bitcoin prices are in a bullish mode. But even by such high standards, the latest bull leg in the prices should come as a surprise as the prices move from below $3000 to above $4000 in a matter of a week or so following the fork in the bitcoin network. This huge bullish leg is due to a combination of a successful fork which proves the stability in the market and also shows a adaptability and also due to the lack of options as far as the investors and traders are concerned.

With the stock markets tanking, it is likely that the traders look for alternate investment options that are likely to be bullish and give them a high yield within a short span of time and bitcoin might be one of the candidates. Of course, it is unlikely that traders would be risking all their funds on such a volatile instrument as bitcoin as yet but it is likely that some portion of the funds of investors might be finding their way into bitcoin in times of stock market crashes.

Ethereum continues quietly along and has not yet followed the bitcoin prices higher as all the attention and focus seems to be firmly on bitcoin as of now. We believe that this is likely to be the case for the short term as the bitcoin market stabilises and focus will then shift to ETH.

Forecast

Looking ahead to the rest of the day, we might see a mild correction in the bitcoin prices as the main traders come back after the weekend but any correction is likely to be limited to the $3500 region. ETH prices will continue to consolidate between the $320 and $290 regions as the market focus is clearly on the bitcoin prices.

Now is the perfect time to start trading cryptocurrency. Learn How!