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Bitcoin Price Predicted to Move Up in $10,000 Region by Prominent Crypto Trader

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  • Alex Dovbnya
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    Both sides are playing tug-of-war once again, but Josh Rager believes that the bulls might push the BTC price above $10,000

Bitcoin Price Predicted to Move Up in $10,000 Region by Prominent Crypto Trader
Cover image via www.123rf.com
Contents

Cryptocurrency trader Josh Rager has just shared his fresh take on the Bitcoin price action while the top coin keeps see-sawing in the $10,000 range. 

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Bitcoin is gearing up to touch $10,000

If the top coin surges above the resistance level at $9,600, it would potentially open the doors for the $10,000 level, Rager believes. However, this bullish scenario will be invalidated if BTC breaks below the $8,700 support level. 

Following Bitcoin's headline-grabbing price jump on Oct. 25, it has been struggling to make a decisive move in either direction. Any attempt to break out of the "hundred dollar range" has been instantly rejected so far. As of now, the top coin is sitting at $9,235 after a 2.30 percent drop over the last 24 hours. 

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A prescient indicator turns bullish

In other news, Coindesk's Omkar Godbole noticed that Bitcoin's three-day MACD chart turned green for the first time in three months. 

MACD
image by coindesk.com

This is a major price indicator that allowed traders to accurately spot the bottom in late December 2018 after the BTC price plummeted to $3,100. Hence, there is a good chance that BTC is ready for a bullish break out that would allow it to reclaim its yearly high of $13,800. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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Contents

According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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