Signs of Bullish Reversal for Bitcoin
Bitcoin is down 46% from its recent highs at the end of 2017, but there are signs that the sluggish price action will turn bullish and blaze a trail toward $19,000. Seeking Alpha reports, “If Bitcoin creates another higher high and higher low in the coming days, the December 22nd candle might just be the reversal sign the bulls have been looking for.”
Bitcoin has also been consolidating for an extended period between $13,000 and $16,500. A break above $17,500 could signal a return to previous all-time highs, topping $19,000 and $20,000.
In the short term Bitcoin may have another large run, but Ethereum and Ripple are proving to be solid competitors. Ethereum has been reaching new all-time highs for the past 48 hours, topping $1,340, up from $950 on January 4th. Ripple is down from recent highs above $3.00 but continues to grab headlines on mainstream outlets, positioning it as a gateway to cryptocurrencies for new investors.
Fundstrat’s Tom Lee predicts that Bitcoin will double or triple in 2018.