Lorenzo Stroe
Independent Analyst
- BTC/USD is trading at $9,662 after a daily trend change.
- Rumors about PayPal support cryptocurrencies are fueling a new Bitcoin rally.
Bitcoin has been trading sideways for almost the entire month of June and lost the daily uptrend on June 11. It seemed that BTC would lose all its strength and continue declining, however, bulls managed to climb above several daily resistance levels after rumors from PayPal potentially supporting cryptocurrency services.
BTC/USD daily chart
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PayPal reportedly to support cryptocurrencies?
According to several sources, PayPal could be planning to offer direct crypto sales to users. Although not officially confirmed, it seems that PayPal and Venmo are both looking into cryptocurrency transactions. PayPal has been affiliated with Coinbase for years now so the news are not entirely surprising.
Could Bitcoin hit $20,000 again with the help of PayPal? According to many analysts and influencers, Bitcoin was going to hit $20,000 even without the help of the giant payment provider. Back in March, Arthur Hayes, CEO of BitMEX stated that $20k could be a nice target for a Bitcoin bounce before the end of 2020.
Hayes is not alone as recently, Bloomberg analysts have also stated that Bitcoin could see a record high in 2020. If PayPal confirms the news, Bitcoin and the rest of the market will very likely see explosive gains, but that’s not the only positive news. There are several macro factors like whales withdrawing their Bitcoin and more active addresses each day affecting the long-term of Bitcoin.
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