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Bitcoin
Bitcoin

Bitcoin prices ripped higher through the $9000 region as both bitcoin and ethereum chose to form a tag team in ripping the remaining bears in the market to pieces and move higher. The bitcoin prices breezed through the $9000 region and trades just short of the $9500 region as of this writing. We had mentioned a target of $10,000 in BTC by the end of the year but it looks as though the prices would reach there much sooner than that. This rapid move up in the prices has also led to doubts among many traders on whether this is the last move before a large correction as some traders develop cold feet on seeing such high prices within a short span of time.

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Bitcoin Prices Rip Through $9000

The bitcoin market has this habit of making large moves over the weekend as the rest of the markets are closed and hence the traders have the time to fully concentrate on this market alone. The last weekend was more of the same as the prices rose from the $8000 support region and rose by over 15% in a matter of days just showing how volatile it could be. It is clear that the drive higher has a lot of speculators doing their job and as such violent moves get more prevalent and lead to higher prices in a quick manner, more and more traders begin to feel that a top is most likely in within the next few days.

Bitcoin 4H

The Ethereum prices have also been moving higher and once they broke through the $415 region to make an all time high, they have since breezed through the $440 region and trade above the $460 region as of this writing and it looks as though the bullishness is back in the ETH markets, finally. With the BTC prices also continuing to move higher rapidly, we might see some traders and miners shift their focus to the ETH market which would be useful to keep this bullish leg running.

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Forecast

Looking ahead to the rest of the day, we expect some consolidation and correction happening in the BTC and ETH markets as the bulk of the traders return back to their desks after the long weekend and they may choose to take some profits off the table. With volatility still very higher, it is important for the traders to be careful.

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