Bitcoin and Ethereum Price Forecast – BTC Prices Begin Journey Higher
The bitcoin prices have begun to move higher over the last 24 hours at the end of the hard fork which led to the birth of bitcoin gold. This is something that we had mentioned in our forecast yesterday where we had said that the correction seen in the bitcoin prices ahead of the fork was likely to be temporary and that we are likely to see the prices move higher once the investors and traders became confident that the fork was managed successfully. With the fork being done and dusted, it is now time to focus on the overall impact of the fork as far as mining and trading is concerned. There was a lot of concern that some miners and investors as well as developers might move to bitcoin gold and this is what is likely to have the most impact. In the case of bitcoin cash, born out of the fork in August, the impact has been minimal so far which has helped the bitcoin prices to move higher.
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Bitcoin Prices Move Higher After Fork
It remains to be seen what kind of developmental impact, the birth of bitcoin gold is likely to have on the main bitcoin market and this will determine the strength of the bitcoin market going forward. We expect this impact to be minimal at this point of time which will then likely help the prices to continue to move higher once the speculators and the investors begin to gain enough confidence with the bitcoin industry once again. At the same time, the market would also begin to get ready for the next hard fork scheduled in the middle of November which is expected to have a larger impact on the bitcoin industry as a whole.
The Ethereum prices have been in a consolidation mode over the last 24 hours and the impact of the hard fork in bitcoin on ethereum has been minimal so far. Ethereum has had to deal with its own hard fork a few days earlier and though the fork was successful, it looks as though it might take a bit of time for the network to become stable once again. Till then, we can expect the ETH prices to continue to trade in a weak manner.
As far as today is concerned, we can hope to see the bitcoin prices move towards the $6000 region as more and more investors begin to jump in again on the network and begin to trade it higher. As far as ethereum is concerned, expect to see some consolidation on either side of $300 for the time being.
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