Bitcoin price is ready to rebound, and PayPal notes incredible demand for cryptocurrencies
Bitcoin price is ready for a rebound, according to a well-known investor
The price of the first crypto coin experienced the most significant pullback since March last year. Bitcoin is ready to rebound, according to renowned investor Raul Pal.
“Bitcoin is nearly as oversold as it was in March 2020,» he tweeted.
The CEO of Global Macro Investor and Real Vision Group reinforced his point of view by lowering the RSI indicator on the weekly chart to the values that were observed after the corrections during the first phase of the 2017 bullish trend. The expert believes that the pullback of the BTC price is a necessary pause in order to “shake up the market.”
PayPal announces the exceeding expectations demand for cryptocurrency
PayPal CEO Dan Shulman said the demand for crypto assets exceeded the company’s expectations. He believes that in the next 10 years the financial market awaits more changes than in the last 20 years.
According to the entrepreneur, in 10 years the industry will show a serious decline in the use of cash.
“How do we think about modernizing the existing financial infrastructure? It needs modernization, because it’s inefficient today. If you cash a check, it can take three days for you to get your money. If you do an international remittance, it can take seven days to get your money,” Shulman noted.
Analyst: Joe Biden’s policies can negatively impact BTC
The policies of the new American President Joe Biden could negatively affect the entire cryptocurrency market. One of the latest innovations of his administration was the initiative to increase the tax on capital gains — up to 43.4%. This will of course affect investors who have cryptocurrencies in their portfolio.
American trader Peter Brandt believes that such “tax plans” are one of the prerequisites that influenced the recent decline in the price of BTC to $47,000.
“The Biden presidency may become a big negative factor for Bitcoin. Large BTC supply will come to market to get in front of capital gains taxes which will exceed 55% in some U.S. states,” Brandt suggested.
In addition, the investor said that the bearish trend is unlikely to last long.