Bitcoin Weekly Close Reaches Above $13,000 and Might Move Higher
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Bitcoin Weekly Close Reaches Above $13,000 and Might Move Higher

October 27, 2020      Vandana Malik

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.

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.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.