Yahoo Finance Bitcoin and Ethereum Price Forecast – BTC Prices Push Higher
The bitcoin prices have successfully managed to hurtle through the resistance near the $10,400 region and it looks as though it could challenge the $12000 region once again in due course of time. The prices are now trading just below the $11000 region as of this writing and it looks as though the prices might continue higher in this next bullish leg. We had mentioned that the period of consolidation was over and once the prices managed to cross through the $10400 region, we should see a strong bullish leg and thats what we have been seeing over the last 24 hours. There has not been much fundamental news to push the prices higher but it has to be said that the period of doom and gloom is behind us as more and more people realise that the cryptos are here to stay.
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BTC Prices Eye $12000
There was a period a couple of months back when the BTC prices fell towards the $6000 region and many of the traders were quick to write the death of this industry but as it has shown again and again, the prices have picked off from the lows and now trade more than 60% higher from the lows. This strong move ahead is likely to continue in the coming days as more and more traders gain back the confidence in the market and look to capitalise.
The ETH prices have also gained in strength but they are clearly lacking in momentum. This is something that we had mentioned in our forecast where we had mentioned about the uncertainties surrounding the ETH network and its development and this has led to pressure on the ETH prices which has made it difficult for it to gain as much as the BTC prices have. The prices are now trading just below the $900 region as of this writing and it is expected that the prices would continue to lag behind in this latest bullish leg higher.
Forecast
Looking ahead to the rest of the day, we expect the prices to continue to move higher in the BTC market and the $12000 region should be the next target for the traders. The ETH prices are also likely to break through $900 but the momentum would be missing.
This article was originally posted on FX Empire
