Paypal-FOMO as a catalyst: Bitcoin at $20K this week?

Bitcoin’s bullish fundamentals continue to overshadow the rather bearish technical data. Last week the crypto currency was on a downward trend, although it was traded well above its current levels.

At $18,980, BTC reached another annual high, testing a three-year high. Meanwhile, the Momentum Oscillator, the relative strength indicator, continued to warn of „overbought“ signals.
The Bitcoin RSI has remained overbought by Bitcoin Evolution for weeks and expects massive downward corrections. Source: BTCUSD on

The incredible upward trend took place without any concrete hype. A mere glance at the search term „Bitcoin“ in Google Trends does not show a growing number of search queries.

In comparison, the earlier Bitcoin cycles had caused Google searches to explode on their way to their all-time highs in 2013 and 2017.

That explains in some ways: The current price rally is institutional. A California-based investment firm provides evidence of how the world’s largest payment company is driving the rally.

Paypal is the new Bitcoin whale

In a recently published report Pantera Capital comments that PayPal is buying most of the newly mined Bitcoins – about 70 percent of all Bitcoins. Last month, the Fintech giant launched a crypto store on its existing US platform, enabling its 300 million users to store, sell, buy and spend Bitcoin and other crypto currencies.

„The provider of PayPal’s crypto infrastructure is Paxos,“ writes Pantera, „Before PayPal integrated crypto, itBit, the exchange operated by Paxos, handled a fairly constant trading volume. When PayPal went live, the volume began to explode. The increase in itBit volume means that within four weeks of going live, PayPal is already buying almost 70% of the new Bitcoins offering“.

Together, PayPal and Square’s competitor CashApp now buy more than 100 per cent of Square’s newly won Bitcoins. This leaves the crypto-currency in a supply deficit – against the booming demand from retail investors and institutions.

So it seems that the development of PayPal alone is enough to drive the Bitcoin price up by $2,000 this week.
Bitcoin at $20K

The small downward correction this weekend has shown that Bitcoin is able to hold its own against two extremely assertive sales attempts. For example, the BTC/USD exchange rate fell to as low as $17,610 on Sunday, only to be pushed back in the other direction later by solid buying sentiment.

The pair rallied and closed trading at $18,437. It traded near the same level on Monday, targeting $18,500.
Bitcoin risks a correction after posting gains for seven consecutive weeks. Source: BTCUSD on

The PayPal FOMO could allow Bitcoin to hold $18,500 as support for the next uptrend towards $20,000 – the record high with great emotional impact among traders.

Förestående Ethereum-uppgradering kan vara en viktig katalysator för ETH- och Altcoin-marknader, enligt analytiker på Binance

Den globala kryptobörsen Binance släppte precis sin senaste handelsrapport och analyserar tillståndet för Bitcoin, Ethereum och altcoin-marknaderna.

Rapporten belyser Bitcoins dominans i oktober och början av november, som sprängde den (decentraliserade finans) DeFi-bubblan och pressade priset på många kryptotillgångar lägre

”Stora kryptovalutor som ETH, XRP, BCH, LTC och LINK levererade blygsamma vinster i oktober, men har inte lyckats bryta nya toppar när handelsaktiviteten flyttades till Bitcoin. Under många månader har altcoins varit den viktigaste drivkraften för avkastningen för kryptohandlare.

Det är alltså ingen överraskning att altcoins tycks tappa ånga och avarmoniseras från Immediate Edge rally … Sedan korrigeringen i början av september har de flesta DeFi-tokens visat en fullständig vändning och raderat 70-90% av sina vinster.

Analytiker på Binance förväntar sig nu att Bitcoin kommer in i en nedkylningsperiod efter att den plötsligt sprängde till $ 16.000.

De pekar på BTCs senaste konsolideringsintervall i regionen 10 000 till 12 000 dollar som ett exempel på vad som kan vara nästa för den ledande kryptovalutan

När det gäller framtiden för altcoinmarknaden pekar utbytet på den kommande lanseringen av Ethereum 2.0 som en potentiell katalysator för både ETH och altcoin-marknaden i stort.

”Uppgraderingen förväntas ha en positiv inverkan på ETH eftersom det kommer att öka nätverkets kompatibilitet, skalbarhet och säkerhet avsevärt.

Dessutom kommer uppgraderingen att flytta Ethereums samförståndsmekanism till en Proof-of-Stake, vilket kommer att stimulera investerare att behålla och låsa upp sin Ether för att få belöningar. Detta kommer då att minska utbudet av ETH-tokens medan efterfrågan fortsätter att växa starkt när stora investerare översvämmer för att söka stadiga vinster …

Med tanke på dessa katalysatorer kan uppgraderingen dra ut ETH från den senaste nedgången och potentiellt tillföra mer positiva känslor i altcoin-sektorn. ”

Bitcoin price reaches $ 15,000: daily growth of over 9 percent

The Bitcoin price rose to as much as $ 15,300. The rise is reminiscent of the 2017 bull run.

Bitcoin ( BTC ) hit $ 15,000 on November 5. The excitement about the US elections remains.

Data from Cointelegraph Markets and TradingView showed that the BTC / USD pair repeatedly crossed the $ 15,000 mark throughout the day, eventually peaking at a high of $ 15,200.

BTC price climbs $ 1,000 in one day

This move was the result of a hectic day for Bitcoin. Just 24 hours ago, it was less than $ 14,000. The last time the BTC / USD pair hit $ 15,000 was in early January 2018.

In response, many well-known Bitcoin celebrities declared that it was high time for the largest cryptocurrency to make a decisive move. The macro investor Dan Tapeiro particularly praised the course models of the analyst PlanB.

„Now is the so-called ‚moment of knowledge‘ for #Bitcoin,“ he tweeted

„Let’s give PlanB some credit here. I like this model, which forecast the top at the end of 2017 and, above all, the bottom at the beginning of 2019. We are now at the so-called ideal point of the Hodler. You get paid for sitting around.“

As Cointelegraph reported , some people expected that $ 15,000 would be a major drag, temporarily wiping out Bitcoin’s daily gains of over $ 1,000.

Others argued that, technically, there was very little standing in the way of a new all-time high after Bitcoin broke the resistance at $ 14,000 and then at $ 14,500.

„I’ve seen it before,“ said PlanB , referring to the bull runs in 2013 and 2017.