Bitcoin and Ethereum Price Forecast – Bitcoin Prices Stall Ahead of $5000

Bitcoin prices continued their bullish run as they ran up just shy of the $4800 region and have since corrected a bit and trade just above the $4700 mark as of this writing and continue to look bullish in the short term. The round figure of $5000 could bring in some resistance to this leg of bullishness and we might see some consolidation and ranging and probably even some correction in the prices before the next move higher.

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Bitcoin Prices To Consolidate

The prices of bitcoin have always tended to be volatile and the best way to trade the instrument is to be strong in a technical sense. Being a market that is not yet fully mature, the market has a tendency to follow the technicals like the moving averages and trend lines very strictly. Many of the traders still do not understand the fundamentals behind the prices of bitcoin and they tend to fall back upon technicals to make their trades and as long as we follow what the larger traders are doing, we will tend to do well and that is the same with bitcoin as well.

The ethereum market has tended to follow the bitcoin prices of late and this is what we have been seeing over the last 24 hours as the prices of ETH have also continued to move higher as they head towards the $400 mark. As we have been saying lately, we believe that the ETH market has a lot more potential, purely in terms of ROI and as more and more traders begin to realise this, they are likely to flock to the ETH market which should see a boost in the short and medium term.

Forecast

Over the coming days, considering that the crypto market is open on the weekend also, we see a bit of coonsolidation happening in the bitcoin market as it approaches the $5000 mark and we believe that the ETH prices would continue to move up through the $400 mark.

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