Bitcoin and Ethereum Price Forecast – BTC Prices Shoot Higher Before Correcting

Colin First
Updated
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We had mentioned in our forecast on Friday that the bitcoin prices seemed to have completed their phase of correction and consolidation after the hard fork and that it would be the ideal time for the market to try for another all time high. Also, we had said that with the next fork coming along in the middle of November, there was not much time for the speculators to push the prices higher so that they could make some quick profits before the prices begin to slip away from them as the investors begin to sell off ahead of the upcoming fork. This turned out to be true as the prices shot higher through the $6300 region for a brief while before correcting lower as of this morning.

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Bitcoin Prices Look at $6300 For a Brief While

Following the brief trip higher, we might see one more round of correction and consolidation in the prices over the short term as the market gets itself ready for the next leg of this bullish trend. The brief trip towards the $6300 region was done on some low volume and so it can be safely expected that the speculators were surprised by the amount of selling in that region and so would now want to gather more momentum before they start pushing the prices higher again.

Bitcoin 4H
Bitcoin 4H

The Ethereum prices have also been trying to move higher over the last few hours as they try and pick some momentum from the bitcoin prices so that they could pick themselves off from the floor. The ETH market has been hit hard over the last few weeks with low prices and have been unable to find any large backers and this has kept the prices low over the last few weeks and this is likely to continue in the short term.

Forecast

Looking ahead to the rest of the day, we can expect some consolidation and correction in the BTC prices which may later on translate into a attempt at the highs again. For ETH, expect the prices to continue to trade below the $320 region for the short term as the market continues to consolidate.

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This article was originally posted on FX Empire

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