Bitcoin Weekly Outlook: PayPal FOMO 2.0 Validates $20K Target
Published at Mon, 23 Nov 2020 05:58:55 +0000
Bitcoin RSI remains overbought for months, expecting gigantic downside corrections.
That somewhat clarifies the current price rally is institutional, i.e., fewer investors with large bags of capital to buy Bitcoin. A California-based investment firm provides evidence about the way the world’s largest payment company is driving the upside moves.
“PayPal’s crypto infrastructure provider is Paxos,” explained Pantera. “Before PayPal integrated crypto, itBit, the Paxos-run exchange, has been doing a fairly steady amount of trading volume. When PayPal went live, volume started exploding. The increase in itBit volume implies that within four weeks of going live, PayPal is currently buying nearly 70 percent of the new supply of bitcoins.”
The incredible uptrend happened without concrete hype. A mere check on the keyword’bitcoin’ on Google Trends shows no flourishing number of searches. In comparison, Bitcoin’s previous bubbles towards its all-time high levels in 2013 and 2017 had the Google searchers on a tear.
Bitcoin’s bullish fundamentals continue to overshadow its bearish technicals.