Bitcoin and Ethereum Price Forecast – Bitcoin Prices Shoot Through All Time Highs

Bitcoin prices continue to fly higher over the last 24 hours. We had warned that the bitcoin prices are likely to break through the all-time highs soon and it was only a matter of time before it does so. We had also said that once the bitcoin prices broke through the $5000 region, it would lead to a $200 rally at least and in fact, the market has exceeded those expectations as it sits comfortably above the $5400 region as of this writing and looks good for more. This is just a sign of growing confidence in the bitcoin market and it also shows that the speculators looking for quick profits are well and truly back into the market.

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Bitcoin Prices Looking Bullish Still

This is again, no surprise as the speculators are likely to go into those markets where they feel that the chances of rewards are the highest. With them returning to the bitcoin market, we are seeing the volatility and the liquidity rising up again and this has helped to sustain the uptrend so far. We are probably looking at more gains in the short term before the market switches to consolidation mode as we look ahead to the coming hard fork in the bitcoin market in November.

The Ethereum market has not been able to make any kind of a progress so far as the prices of bitcoin continue to skyrocket. We cannot be sure whether this is purely due to the crackdown on ICOs by various regulators or whether it is due to the upcoming fork next week but it could be a combination of both reasons that is causing this pair to remain on the backfoot over the last week or so. This is expected to continue over the weekend as well.

Looking ahead to the rest of the day, expect some consolidation in the bitcoin markets as some profit taking crops up. Any correction towards the $5000 region should be viewed as an opportunity to go long. As far as the ETH market is concerned, the traders do not have a choice but to wait it out.

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