Bitcoin Retests 2020 High Following PayPal News, Will BTC Roar Higher?

Tony "The Bull" Severino

4 years ago

2 mins read

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Rumors broke earlier this year that PayPal would be changing its tune on cryptocurrencies and would soon be supporting Bitcoin and other assets. Today, however, Reuters reports that PayPal revealed it would indeed be offering cryptocurrency payments across the 26 million merchants on its network starting in early 2021.

Bitcoin Price Tries Again For $12,400, Comes Up Slightly Short Of New Yearly High

Bitcoin has already been extremely bullish over the last several months, and with each passing week and day, is picking up in momentum.

A string of positive news starting with Square Inc, revealing its purchase of 4709 BTC, kicked the bull run into overdrive the last ten days or so.

Over the last 48 hours, Bitcoin has grown by nearly $1,000, with the latest $100 push taking place this morning following the reveal that PayPal would be supporting the cryptocurrency asset class with open arms.

Bitcoin fails to breach the current 2020 high... for now | Source: BTCUSD on TradingView.com

But Could The PayPal News Pump BTC Through Resistance?

The leading cryptocurrency by market cap came up short, however, failing to set a new 2020 high as of this writing. But with such bullish news only just now breaking, a push through resistance is very possible.

If Bitcoin can set a higher high for 2020, following the higher low on Black Thursday, an uptrend would be confirmed and a major buy signal printed.

The higher high would also be a confirmation of a breakout and retest of bear market resistance and could allow the top cryptocurrency to race back toward 2017 highs.

Featured image from Deposit Photos, Chart from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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