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

“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

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

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.



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