Bitcoin and Ethereum Price Forecast – Price Rebound Continues

The BTC prices continued their recovery over the last 24 hours as the bull managed to push the prices above the $8500 region for some time and the prices continue to trade comfortably above the $8000 region as of this writing. The investors and the traders had feared that there would be a lot of regulations announced during the G20 meeting on cryptos and that this would lead to the slow death of the market as we know it. But the fact that the G20 recognised the crypto market to be as important so as to be discussed in their meeting is in itself a great recognition for the market as a whole.

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Prices Still in Recovery Mode

The G20 leaders decided that it was not yet time for some wholesale regulations on the market and they also decided that they would take their own time as the cryptos are not yet in a state to shake up the financial system as such. This has been a relief to the investors who have now started to buy BTC once again and that is a major reason why we are seeing a recovery in the markets. It has to be noted that the latest bullish leg does not yet have the requirement momentum to bring in a serious rise in price as yet and this is likely to lead to some consolidation and ranging for the short term as the market builds up momentum.

The ETH prices have also been suffering during this period but the recovery is well underway in this market as well as the prices trade above the $550 region as of this writing. This recovery is likely to continue for the short term which could see the prices testing the $600 region pretty soon.

Forecast

Looking ahead to the rest of the day, we are likely to see some consolidation and ranging in the market as the investors look for signs of strength and if and when that comes along, they are likely to begin their accumulation for the next leg higher.