Bitcoin and Ethereum Price Forecast – Cryptos Continue to Crash

Its been absolute mayhem in the markets over the last 24 hours and this has not been restricted just to the bitcoin markets nor the crypto markets alone as well. The mayhem has spilled over to the stock markets as well and we are also seeing some of the major currencies being hit hard as well. There has been a major sell off in most of the major markets and that is being seen in the crypto markets as well as the BTC prices crash through the $7000 region and trade just above the $6000 region as of this writing. Even now, the selling does not seem to be over and we could see this continue for the short term as all the supports are being blown over.

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BTC Prices Crash Below $7000

Over the last 6-7 days, we have seen the BTC prices drop from above $10000 to just around the $6000 region as a major sell off has gripped the markets. This is in general trend all across the markets that involve risk and is not something that is restricted only to the crypto industry. But just as how bullishness is huge if and when it arises in the BTC markets, the bearishness is also amplified and that is why we are seeing such a large fall in the prices. There does not seem to be anything new or major change that has happened in the market and led to the sell off but it seems as though it is a general aversion to risk that is seen across the markets.

The ETH markets have also crashed over the last 24 hours as the ETH prices now trade just below the $600 region and looking extremely weak. Like the BTC markets, there does not seem to be anything specific or fundamental to the cause of the fall and it is more of a general fall all across the board in all the risky markets around the world and the traders do not have a choice but to wait till there are signs that the fall is over.

Looking ahead to the rest of the day, we do not know how long this run would last and as said earlier, we would advise the traders not to try and catch a falling knife and wait for specific signs of reversal before jumping back into the longs. This is a global phenomenon and hence it is better not to try and fight it.