Bitcoin and Ethereum Price Forecast – Prices Crash Lower on Panic

The BTC prices crashed through the $9000 region as panic began to slowly grip the markets and led to a large sell off. The prices have been really struggling over the last few week as the bulls have found it hard work to push the prices higher only to see the prices move lower on the back of bad news. In a bearish market, the falls are always much bigger and quicker than any kind of a move up and thats what we are seeing now. The bull have been struggling to keep the prices above the $10000 region and it is important that they do so to regain the confidence of the investors. The fact that they have been unable to do so has only added to the pressure.

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Prices Crash

The BTC prices fell this time around due to the threats and the comments from the SEC on ICOs and cryptos in general. The regulators still seem to be pretty much confused about how they need to deal with the cryptos. On the one hand, they allow the registration of crypto exchanges with them and allow them to function but on the other hand, they continue to crack down on ICOs and exchanges as well. Their latest target have been exchanges as they see it as an easy means to control the growth of ICOs and cryptos in general. This has spooked the markets which was already tense and this is the reason for the latest round of losses.

The ETH prices have also crashed and their crash has been much worse, due to the fact that the prices were already struggling earlier as well. The prices are now trading below the $600 region as of this writing and this is likely to continue in the short term.

Forecast

Looking ahead to the rest of the day, we believe that the pressure on the prices is likely to continue for the short term and this should push the prices of both BTC and ETH lower. The traders could be looking for support regions to tap onto during this period.