Bitcoin price has managed to sustain above the $3,400 levels since a couple of days after trading for as low as $3200 and this effectively means that the bear run for the cryptocurrency might be over for now and bulls could take it to a new higher over the course of next few weeks if not days.
Bitcoin price witnessed another roller coaster run during this week and it is believed that the cancellation of the SegWit2x hard-fork was to be blamed. It is possible that part of the reason behind the decline in Bitcoin price could be blamed on this, but the cryptocurrency recovered in a matter of hours and surpassed $3,350 levels from a low of $3,200.
As of this writing Bitcoin is trading at $3,412 and if the cryptocurrency manages to sustain at this level for a few more days we can expect another bull run that will see Bitcoin cross $3,600 levels easily. Goldman Sachs is of the opinion investors should believe in Bitcoin and if the cryptocurrency continues to show stability and breaches the $3,500 levels, it would be able to evade a steep decline.
As far as Bitcoin price forecast is concerned, looking at previous trends, we expect August to treat Bitcoin mildly with $3,600 levels in sight and in the long run we anticipate a high of $3,800 sometime in the last quarter of 2017.
Ethereum too has seen a volatile price spectrum. The cryptocurrency has been faring well alongside Bitcoin and thats because the cryptocurrency has a lot going for it. We have seen multiple positive developments for Ethereum over the course of last few days and that has helped the cryptocurrency maintain high trading volumes as well as high price compared to previous few weeks. As of this writing Ethereum is trading just above $300 and if that continues for a few more days, chances of a bull run to $350 levels cannot be ruled out.