Bitcoin and Ethereum Price Forecast – BTC Market Ready for Fork

The bitcoin prices continue to trade lower during the course of the last 24 hours though they have managed to hold the support region around $5000 for now . The weakness in the prices can be attributed to the hard fork that is scheduled to happen today which will lead to the birth of bitcoin gold. This fork is similar to the one that happened in August and that which led to the birth of bitcoin cash. It remains to be seen how stable the network would be after this fork and it would also be interesting to see how many of the miners and the developers and the traders would move from the main bitcoin market to the bitcoin gold market.

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Bitcoin Prices Correct Ahead of Fork

That is likely to be the chief concern of traders and investors at this point of time and it is evident that they are trying to take profit now as they would want this phase of uncertainty to pass off before they commit themselves once again. The bitcoin cash market did not have too much of an effect on the main bitcoin market but this fork and the next one in November could lead to the migration of some of the important developers and the investors in bitcoin and hence, it is a moot point on how the bitcoin industry is going to deal with such forks. If the bitcoin industry continues to be in demand and rise during this period, then we are likely to see the prices continue in their uptrend.

Ethereum prices also continue to flounder and this is not only due to the weakness in the ethereum market alone but the weakness in the bitcoin market that seems to be affected the ETH market as well, at this point of time. Hence, after a brief sojourn to the region above $300, it has corrected back below $300 once again and continues to flounder below that, as of this writing.

Forecast

Looking ahead to the rest of the day, it could be very interesting and volatile in the BTC market for today as the fork unfolds and traders would be well advised to either stay away or atleast ensure that they trade with strict stop losses and take profits so that they can save themselves from the volatility. The ETH prices are expected to continue to trade in a weak manner on either side of $300 for today.

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