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January 10, 2018

Signs of Bullish Reversal for Bitcoin

By Daily Hodl Staff

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.

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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.

Tom Lee: Buy bitcoin over stocks in 2018 from CNBC.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.