Bitcoin and Ethereum Price Forecast – Bitcoin Prices Continue Higher

Bitcoin prices do not seem to have a care in the world as of now as they continued to move higher despite the strength in the dollar that has been seen in the markets over the last week or so. The bitcoin prices seem to have a mind of their own and any sort of global factors that affect the dollar seems to have little impact on the bitcoin prices as it breezed through its all time highs and continued to move higher as it crossed through $4300 and now targets $4400 as of this writing.

Bitcoin Prices Break Through All Time Highs

The fundamentals remain the same and the reasons for the recent upmove continue to be the same as we had mentioned in our forecasts yesterday. With the bitcoin market and the network having survived the fork fairly well and with bitcoin cash market getting hit and falling by the wayside, the bitcoin network seems to have become even more stronger during the course of this period and this has helped to push up the prices.

Also, with the global downturn in the stock markets and with the increase in global risks, the investors and traders seem to view bitcoin as a kind of alternate investment. Though it has been around for quite some time now, it is things like the fork and corrections in price that truly tested the market in recent times and the way the bitcoin network has been able to manage these has increased the investor confidence and that is also one of the reasons why we are seeing more funds flow into bitcoin in recent days.

The ethereum market does not seem to have got as much love as the bitcoin market and right now, it trades just above the support region at $290 and looks pretty weak at this point of time. But ETH supporters will tell us that this is only a temporary break and as the supply begins to dry up, we are likely to see the prices moving higher in the medium term.

Looking ahead to the rest of the day, we do not see anything stopping the bitcoin runaway train for now and hence, $4500 could be the next viable target for the bitcoin bulls. On the other hand, ETH prices are likely to consolidate in the short term as the focus is on the bitcoin market for now.

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