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Bitcoin and Ethereum Price Forecast – Prices Move Lower as Fork Nears

We had mentioned in our bitcoin price forecast yesterday that the prices were likely to have a correction with the hard fork looming ahead with less than a week ago. This has been the trend during the previous forks as well when the speculators and short term traders have sold off to take profits and also to ensure that the fork went off fine before they begin to buy again. So we have seen the prices take a dip before the respective forks and once the traders are sure that the fork went off fine and the new cryptocurrency did not have much of an impact on the ‘real’ bitcoin, they begin to buy again and this pushes the prices back up again.

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Prices Under Pressure

This is the same trend that we are seeing now as well and we believe that this consolidation and correction will continue in the lead up to the hard fork. This fork is expected to have a larger impact than the previous ones as it involves some of the major developers in the bitcoin team and also due to the bad blood that has been seen between the 2 teams in the lead up to this fork. So, expect the correction to have some support in the $7000 and $6800 region for the short term and once the fork is complete, it would be important to see how strong it is and how many of the developers and miners branch off to the new crypto so that we can get an assessment of its impact on the main bitcoin. This will likely lead the way for the prices in the short and medium term.

Bitcoin 4H
Bitcoin 4H

The ethereum prices continue to trade in a slow and steady manner below the $300 region as of this writing. The prices did make a brief attempt to break through the $300 region but was met with a lot of selling which pushed back the prices below $300 and this selling and weak trading is expected to continue for the short term. The ETH market seems to have lost support from the speculators and that is one of the major reasons for the consolidation and weak trading. The market needs to attract the speculators back so that the prices can be liquid, volatile and move higher as well.

Forecast

Looking ahead to the rest of the day, expect the weakness in both the BTC and ETH markets to continue for the day. The market is waiting for the fork in the bitcoin industry and hence the prices are expected to be under pressure.

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This article was originally posted on FX Empire

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