Bitcoin and Ethereum Price Forecast – Bitcoin Breaks free of Bitcoin Cash
Bitcoin finally managed to recover from its recent woes that stemmed largely from the anticipated SegWit2X hard fork and its cancellation. At the time of writing, Bitcoin stood at $7,344.99, still shy of its all-time high, but certainly well clear of the sub-$6,000 levels hit less than a week ago.
For now, the markets have decided that the future lies with Bitcoin, with Bitcoin Cash’s weekend rally seeming to have come to an end, as Bitcoin’s offshoot struggles to hold on to $1,000 levels. Bitcoin Cash is down at $1,084 at the time of writing and selling pressure could well build as Bitcoin Cash investors look to get out in the money.
Hashrates have returned to relatively normal levels, with miners moving back to Bitcoin as profitability returned with the price recovery. We can expect the shift back to Bitcoin to continue through the day ahead.
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Bitcoin Looking to hit new Levels
What a difference a day makes. Just on the weekend, Bitcoin Cash stood as the number two in the cryptocharts by market cap, with hashrates surpassing that of Bitcoin for only the second time in its history. It’s a fickle world and, while the battle between Bitcoin’s core developers and mining cartel continue, the Bitcoin world is likely to return to some order until there is talk of another hard fork. The battle may be won, but the war is far from over.
Those who went in over the weekend, with Bitcoin at sub-$6,000 levels will be sitting on a tidy profit at the time of writing, with only one question to ask and that is whether there is a chance of Bitcoin hitting $10,000 before the end of the year.
Bitcoin Cash’s stumble has certainly made it more possible, though there is a big difference between moving into unchartered territory and retracing losses. We can expect Bitcoin holders to be a little jittery as Bitcoin moves north, but on the plus side the failings of both Bitcoin Cash and Bitcoin Gold will provide some comfort.
Interestingly, while Bitcoin Cash and Bitcoin fight for the intention of miners and investors, Ethereum is locked in a battle against Bitcoin Gold. Ethereum prices have eased in the early part of the day, down 2.09% at $324.98, while Bitcoin Gold has rallied 14.3% to $187. We will expect the pair to continue to tussle, with Bitcoin Gold out of the race to become Bitcoin’s leading currency, but not out of the battle to draw miners away from Ethereum.
Forecast
Barring any unforeseen events through the day, we will expect Bitcoin to continue making ground as it looks to break into unchartered territory and take a run at $8,000 levels. Such a move will certainly raise the chances of $10,000 before the end of the year and could see increased demand as a result, with investors not wanting to miss out on another 30% gain. For Ethereum, we will expect prices to remain range bound, tilted slightly to the downside as the cryptoworld adopts Bitcoin’s alto currencies.
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This article was originally posted on FX Empire
