Bitcoin and Ethereum Price Forecast – Prices Set Up for Major BreakThrough
The bitcoin prices continue to trade in a strong manner but as the prices get closer closer to the important and psychological mark of $10,000, we might see some of the traders and investors get jittery and try and take some profits. So, we might see some profit taking in this region which could slow down the move towards the $10,000 mark or we could see some large profit taking after that mark is breached which could lead to a correction in the prices. We will have to wait and see how long it is going to take for the bulls to overcome this sceptism and push the prices towards the coveted $10,000 mark. We had expected the prices to move towards this region towards the end of the year but it looks as though the new year might arrive a month early for the bitcoin market.
Bitcoin Prices Just Short of $10,000
This price rise has been driven a lot by speculation and also due to the increasing adoption of blockchain and bitcoin by various industries. The central banks in many parts of the world continue to be reluctant to face the reality of the cryptocurrencies and continue to be in a denial mode which is both good and bad in a way, for the industry. But ultimately, there will come a time when the banks cannot ignore the presence of this alternate industry and during that time, we might see some regulations come into the market which will only help the market to become even more mature.
The Ethereum market also seems to be baulking as it gets closer to the $500 region and this is likely to continue for the short term. Like the BTC, the $500 mark is just another psychological mark for the growing ETH industry and we believe that it is only a matter of time before this mark is breached. We are as bullish in ETH as in BTC, if not more.
Looking ahead to the rest of the day, the focus will be on whether the BTC and ETH prices can move towards $10,000 and $500 respectively and if and when they do so, we will have to see what kind of a reaction that we see from the markets for such a move.
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