Well, I think not.
I mean: I am not saying that the bull run is not starting now, I am just saying that Paypal may be another payment provider (eventually the biggest until now) that introduced Bitcoin among the accepted currencies.
Here below the Google Trend of the keyword “Bitcoin”. Yes, not absolute zero, but still far far away from the top reached in the end of 2017.
Source (https://trends.google.com/trends/explore?date=2017-01-21%202020-10-21&q=bitcoin)
So, when people will start again looking for cryptocurrency information?
Well, I tell you this secret. In the whole world the percentage of people at least knowing that cryptocurrencies do exist is far higher than 2017.
It means that nowadays the attention for cryptocurrencies is not even close to the FOMO (Fear Of Missing Out) that we had back in 2017.
We are now next to a key level at 13.800$, where we had a previous rejection and I think that the strong raise we faced in the past days is due to the fact of a double effect: USD losing ground compared to other major fiat currencies and Paypal introducing Bitcoin.
Well, let’s start from the latest news: Paypal accepting Bitcoin.
Paypal has 346 million active users, and every user conduct on average 36.9 transactions per year. 87.5% of online buyers use Paypal and the average Paypal user has 485$ in its account. Moreover, more than 20 million of merchants are registered on Paypal.
If Paypal was a bank, it would be the 21st biggest bank of the United States of America.
Image Source: Statista (https://www.statista.com/statistics/218493/paypals-total-active-registered-accounts-from-2010/).
When I was asked “Mike, what should happen to see a strong increase in price of Bitcoin?”. I had two answers: mass-adoption, fiat currency collapse.
Well, Paypal, is among the biggest shot that could be taken for the mass adoption. Next will be Amazon and Banks.
For what concerns the Dollar devaluation, we can have a look at the graphic on Tradingview, against Euro for example.
Source: https://www.tradingview.com/x/ToB61adb/
Dollar lost more than 10% against Euro.
Source: https://www.tradingview.com/x/SajTyytE/
Dollar lost about 5% against Japanese Yen.
Source: https://www.tradingview.com/x/a0sUEbiV/
Dollar lost about 15% against Great Britain Pound.
Investors lost faith in dollar investments, plus many people that were already investing in cryptocurrency (like me, investing in crypto since before the 2017 bubble), decided to go even heavier, buying Bitcoin and limiting liquidity on bank accounts.
So, in my opinion, we are not yet in a Bull Run, but it is very likely to happen in the coming months.
What from the technical analysis point of view? Well, we broke the all time high, but we are now on a really strong resistance (Pivot Point, W, R1) and a pull-back may send the price back to the 8.000 $ area.
So, do not listen to FOMO people and do not even listen to me.
Do your own research, but be sure that I am going to start soon to publish video-analysis on the Bitcoin market here!
