Bitcoin and Ethereum Price Forecast – Bitcoin and ETH Prices Continue to Skyrocket

We have not got the correction yet that we had expected in the bitcoin prices so far and what we have got is a continuation of the breakout that we had seen in the bitcoin prices over the weekend. We have shot through the $3000 price region, which was a huge line in the sand for the traders, and have now pushed through $3400 region as well in a day of a few days and this breakout is looking ominous for further gains in the bitcoin prices.

Bitcoin Continues Its Uptrend But May Halt Soon

We have said this over and over again in many of our bitcoin forecasts that with the number of bitcoins being limited, the clear trend is only up, as far as bitcoins are prices. As long as the market is able to sustain and continue to be strong and continue to attract traders and investors, the only direction for this instrument is up and thats what we have been seeing over the last few days.

We also noted the yesterday that those who had missed out on the break through the $3000 would like to wait for a retrace before loading on their longs. That retrace has not yet arrived but technically, we believe that we are in a region where there should be a correction pretty soon. The AB=CD pattern, a pretty old pattern but which still continues to work in the markets, shows that the target for this upmove is in the $3400-$3500 region and since we are in the region already, we should be seeing a correction soon. If it does arrive, traders would be lurking near the $3000 region to pick up more bitcoins.

The ethereum market has also basically fed off the bitcoin market and has been attracting more and more traders and investors. Those who cannot afford to buy bitcoins are moving into ethereum as it is comparatively cheap and its market cap is also gaining day by day. Also, with ethereum mining also drying up slowly, it is quite likely that within a year or so, the number of ETh tokens would be limited which would only accelerate the uptrend in this instrument.

Forecast

Looking ahead to the rest of the day, we still believe that a correction in the bitcoin prices is around the corner though the bitcoin prices have defied gravity so far. It is always better to wait for a retrace and then get into longs than trying to catch a runaway train. The same holds good for the ethereum market today as well.

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