Cointelegraph Team
Cointelegraph
Sudden suggestions that Bitcoin support is coming to PayPal and Venmo is causing traders to reassess the likelihood of a BTC price bull run.
Bitcoin (BTC) coming to PayPal and Venmo may be just a rumor, but some of the cryptocurrency’s best-known names are turning bullish.
As the news hit that the payment processor was allegedly planning crypto buying and selling for its 305 million users, BTC/USD spiked to test resistance at $9,600.
Keiser: PayPal will fuel “global hash war”
Despite PayPal declining to confirm its plans, a wave of optimism has since flooded social media, with various figures welcoming the move while highlighting its irony.
“Slowly, then suddenly,” the @Bitcoin Twitter account summarized.
For RT host Max Keiser, the move appeared tied to competitive advantage. Square, the sister company of Twitter, rolled out Bitcoin support with great success last year.
“#Bitcoin’s built-in game theory strikes again. Paypal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences,” he tweeted.
“Global Hash War is coming!”
The sense of satisfaction among Bitcoin proponents may well be warranted. PayPal has made a name for itself in recent years as a crypto critic, declining to entertain the idea of supporting it.
At the same time, technical problems and the pitfalls of being a fiat intermediary means that PayPal has, in fact, become a subliminal advertisement for Bitcoin’s benefits. Should the company begin offering Bitcoin, however, those same issues may plague new users.
As noted by developer Jameson Lopp, PayPal may extend its ability to freeze or isolate users and funds without notice to crypto wallets within accounts under its control. Another commentator argued that Square’s implementation is technically no different.
All eyes on $12,000 Bitcoin
Meanwhile, the news has caused analysts to alter their outlook on Bitcoin price action. A push above $9,600 increases the chances of five figures returning, at which point a breakout to $12,000 is already a firm possibility.
For popular Twitter trader George, current levels provide the last chance saloon for bears wanting to short BTC.
“If you're a bear, this is where you short imo. Swept the highs right into daily supply. Clean invalidation level,” he revealed on Tuesday.
“I'm in a short here because I think if we start breaking above 9.9k — 10k’s we see 12k+.”
Cointelegraph Markets analyst Michaël van de Poppe agrees. In a video update this week, he repeated his argument that strength in Bitcoin is there for a push towards $12,000, should new resistance levels become support.
The current behavior is similar to the “grinding” seen before Bitcoin’s bullish phase in 2019, he added.
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