Bitcoin is now returning to the bull market after a long setback and crypto enthusiasts seem to be highly excited about the gain. The Bitcoin weekly close on Sunday reaches above $13,000 and this is the highest weekly close Bitcoin has reached since January 2018. This is a great indication for all those who have been waiting for a bull market for Bitcoin as now it is expected to reach higher. However, this is not great news for all those critics who were quite skeptical about Bitcoin reaching this level.
Strong Bitcoin Weekly Close May Lead To All-Time High
Benjamin Bluntz, a crypto analyst seems quite enthusiastic with such a strong Bitcoin weekly close. According to him, it is high time now that Bitcoin will reach a higher position or maybe an all-time high in the coming few months. It is seen that Bitcoin is above all the recent downtrends that it has faced and now the market will only flourish.
keeping it simple here with $btc, the weekly chart looks phenominal.
now firmly above all downtrends from the 2017 20k top and this week just closed on its highs above key 12.5k resistance.
the sky is the limit now imo, and this market is not for shorting! pic.twitter.com/4pOU8u3v3q
— 👨🌾Benjamin Bluntz👨🌾 (@SmartContracter) October 26, 2020
Bluntz also made a prediction regarding Bitcoin, back in 2018, stating that it will drop to the $3,200 level. This prediction came true after six months as it went down to the bottom at $3,150. This prediction was seen as one of the most accurate in the crypto market, to date.
PayPal Crypto Payment News Must-Have Contributed
It is believed that the news of PayPal for supporting the crypto payments might have contributed to this increase and the market has got such strong Bitcoin weekly close. According to JP Morgan analysts, this move by PayPal will encourage a lot of people to enter the crypto space. This sudden surge in Bitcoin price is seen after this announcement made by PayPal and with this, several traditional financial institutions might also come forward to invest in crypto infrastructure.