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Traders predict bullish future for Bitcoin

By Ashley Norris

Bitcoin’s price could rise above $10,000 in near future

Following its significant price jump last week, a leading crypto trader has predicted that Bitcoin’s (BTC) price could rise above $10,000 (£7,915, €9,001) in the near future.

Blackroots.com crypto authority and co-founder Josh Rager says that if the coin surges above the resistance level at $9,600, it could open the door for the currency to hit $10,000. However, Rager believes this bullish scenario will be invalidated if Bitcoin breaks below the $8,700 support level.

At noon GMT on October 30 Bitcoin was sitting at $9,061 following a small drop over the past 48 hours. The cryptocurrency jumped 25 per cent in a matter of days the previous week, rising above $9,300 during Monday trading from just under $7,500 on October 25.

A second crypto authority believes that Bitcoin is ready for a breakout that would allow it to reclaim its yearly high of $13,800 (£10,702, €12,426).

Coindesk's Omkar Godbole noted how a widely-tracked Bitcoin price indicator, a moving average convergence divergence (MACD) histogram which is used to identify trend reversals and trend strength, has turned bullish for the first time in more than three months.

“So if history is a guide,” wrote Godbole, “the MACD’s latest bullish turn could see Bitcoin breaking out of a four-month falling channel and challenging yearly highs above $13,800 before the year’s end.”

Dmitry Lazukov, head of trading at Currency.com, said, “We believe that we won’t see any stable trends this year in Bitcoin, rather there will be a lot of volatility and opportunities to speculate. There can’t be stagnation as there is too much hype around Bitcoin and the number of crypto traders is growing. Yet there can’t be trend to the moon either.”

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