Bitcoin and Ethereum Price Forecast – Slow and Steady Recovery Afoot

The bitcoin prices continued their recovery over the last 24 hours as well as the prices have since pushed through the $4500 and continue to move higher as of this writing. Though the prices are still quite far away from the highs of the range and the progress higher has slowed down quite a bit, it just shows the strength of the market has it has been able to deal with the Chinese ICO-ban news quite comfortably. Many had predicted the end of the cryptocurrency market and they continue to believe so, following the Chinese news, but so far,there have been no such hints on that and the prices have been holding steady.

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Bitcoin Prices Continue Recovery

The investors and traders continue to believe in this industry and the industry has grown so much and penetrated various walks of life so much that it would be difficult to reverse it back anytime soon. This is the reason why we believe that this industry and these coins are here to stay. Of course, some of the smaller coins would lose out in the long term but that is a sign of the aging and the maturity of the market while the bitcoin and ethereum markets would continue to thrive along with the other strong ones. The fact that the bitcoin market has suffered two major changes, the fork on August 1 and the Chinese ban on the ICOs in September, is a huge show of strength from this market.

The ethereum market has also been following the lead of the bitcoin network and continues to recover as it pushed through $300 and trades comfortably above $320 as of this writing. It is still quite far away from its highs near $400 but we believe that it would only be a matter of time before it gets there and moves further as well.

Forecast

Looking ahead to the rest of the day, we believe that the bitcoin and ETH prices could continue to move higher, though in a slow, steady and cautious manner as the market still comes to terms with the Chinese ICO ban and watches how the rest of the ban would pan out in the short term.

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