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Bitcoin – The comeback kid

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Bitcoin making a comeback

Bitcoin is on the rise again on Tuesday, breaking back above $11,000 is hitting new highs for the year as it continues it’s remarkable comeback.

Bitcoin is now up around 50% from its lows earlier this month and if history is anything to go by, there’s no reason why it can’t continue to march higher from here. Facebook certainly looks to have done cryptocurrencies a massive favour which may make you question whether the rally is built on any kind of solid foundations.

Bitcoin (BTC=) Daily Chart

Source – Thomson Reuters Eikon

That said, I’m sure many in the community would argue that a lot of positive progress has been made over the last 18 months which has been overlooked and is now paying dividends as the Libra announcement draws attention back to the space. Where it goes from here is anyone’s guess and I’m sure we’re going to start seeing some extremely bold predictions in both directions over the coming weeks.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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