Bitcoin and Ethereum Price Forecast – Bitcoin Prices Threaten All Time Highs

The bitcoin prices seem to have gone berserk and it appears as though it is only a matter of time before we see the all time highs being broken in the bitcoin market. There does not seem to be anything fundamental that has changed in the bitcoin industry to warrant such an uptrend but it is the general build up in demand from all across the world as the traders begin to gain more and more confidence in bitcoins. We have seen a surge in demand from South Korea and Japan as well and we have also seen Japan authorising bitcoin exchanges which is a ringing endorsement of the industry.

Get Into Bitcoin Trading Today

Bitcoin Prices Target $5000

All the events point to the fact that the market is maturing in a slow and steady manner as time wears on and we believe that all this points to the continuing uptrend in the bitcoin markets. The prices are slowing down and consolidating as they near their all time highs and also the psychological mark of $5000 and we expect this consolidation to continue for some more time. The bitcoin market seems to like the weekend and so maybe we could see the new highs coming in the bitcoin prices over the weekend. Though the direct relationship between the strength of the dollar and bitcoin prices has not yet been established, we believe that increasing tension in the Korean region and weakening of the dollar could also have an impact on the prices.

Ethereum prices have been struggling to move higher during the past few days and the struggle continues over the last 24 hours. The prices made small progress towards the $300 region but it seems as though the upcoming fork next week is weighing on the markets and so we can expect it to stay weak in the short term.

Forecast

Looking at the rest of the day, we believe that the consolidation in the bitcoin and ETH markets are likely to continue for the rest of the day. The bitcoin traders would be watching for a break of $5000 which is likely to lead to a large breakout while the ETH traders would be hoping that the ETH prices can follow suit.

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.