Bitcoin and Ethereum Price Forecast – BTC Prices Fall on South Korea Fears
The bitcoin prices have been correcting lower and we had mentioned as such in our forecasts over the last few days. The market seems to be a bit spooked with the news from South Korea where we seem to be getting different news on different days making it difficult for the traders to gauge what exactly is going to happen in the near future over there. The latest update is that the regulators are still looking to shut down the crypto exchanges and come after crypto mining as well, just like what is being in China. But sources close to the development say that it is the media that is trying to twist the stories while the line of the regulators there has been the same where they said that they would be looking into all possibilities and regulations in due course of time.
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BTC Prices Below $13,000
This kind of uncertainty has been dogging the bitcoin market and that is why it is trading below the $13000 mark as of this writing. As long as the prices are below the $14200 region, we believe that the prices would continue to be bearish and hence likely to move down further opening up targets in the $11,000 and even the $8,000 region in the short and medium term. The tide has certainly turned in favor of the bears in this bitcoin market and it is going to take a huge effort from the bulls to turn this around.
The Ethereum prices have also been under pressure over the last 24 hours as the bearish tendency in the bitcoin market seems to have affected the ETH market as well and we are now seeing the prices trade just above the $1200 region as of this writing. But unlike the BTC markets, the traders are likely to view any correction in the ETH prices as an opportunity to go long as people continue to believe in the underlying strength of the ETH market.
Looking ahead to the rest of the day, expect the consolidation and correction in the BTC market to continue as the traders closely follow the news from the Asian region and try to make as much sense from it as possible. The ETH market is likely to slip into a period of consolidation for the time being as it prepares for the next move.
This article was originally posted on FX Empire