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Bitcoin Friday
Bitcoin Friday

It did not take long for the bitcoin industry to recover from the fork and find its mojo once again. There were a few who feared that the hard fork leading to the creation of bitcoin gold could affect the main bitcoin market and could lead to a prolonged phase of consolidation and correction but the effect of that has lasted only for a couple of days. Now we are done with the hard fork and the bitcoin prices, after a initial period of correction due to profit taking from worried investors and speculators, has now rocketed higher again and sits very close to the $6000 region and it appears only to be a matter of time before it breaks through this region and begins to test the all time highs once again.

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Bitcoin Prices Continue to Challenge $6000

The pace of the move higher in the bitcoin prices have been increasingly on a weekly basis and the move from $5000 to $6000 has been one of the quickest. Now with the bitcoin industry having dealt with 2 hard forks, one in August and one just a few days back and survived the birth of offshoots in the form of bitcoin cash and bitcoin gold, the investors and the traders are likely to be more confident the next time around. With another hard fork coming along in November, which is likely to have a larger impact as it is done by an important developer group within the bitcoin network, the market could be bracing itself for that but could sneak in another all time high by the time the fork comes along.

Bitcoin 4H

Ethereum prices, as we have been forecasting over the last couple of days, seem to be unaffected by all these and continues to consolidate on either side of $300 over the past few days and this is set to continue in the short term.

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Forecast

Looking ahead to the rest of the day and the weekend, we believe that the bitcoin market could see the investors trying to sneak in an all time high over the next few days and the consolidation just below $6000 over the last day or so seems to be in preparation of that. On the other hand, expect the ETH prices to continue to trade below $320 during this period.

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