Will Paypal’s grand plan for entering cryptocurrency push BTC price to $20,000 or will the second wave of COVID-19 pull the price down to $8,000?
PayPal has finally decided to arrive in the crypto currency ecosystem and plans to add options to buy and sell Bitcoin in the United States by as early as the first quarter of 2021. Along with BTC, it also wants to explore adding Ethereum, Litecoin, and Bitcoin Cash to its digital wallet. Users will be able to buy, sell, or spend these cryptocurrencies directly from their PayPal wallets. While this move unlocks a new inflow of retail, as well as institutional, investors and also advocates crypto adoption, this news has not led to a significant move in BTC price.
One of the major reasons for a slow bullish move following this news is the surge in the number of COVID-19 cases across Europe and a lot of recent FUD in the crypto ecosystem. Many European countries have decided to implement partial or complete lockdowns, and this definitely shifts the sentiment of all financial assets from bullish to bearish.
This might signify the formation of a local top in BTC price and the price of other major altcoins.
Price prediction FOR BTC/USD – $20,000 OR $8,000?
BTC price is approaching a major resistance of $14,000. It has been able to stay above the price of $13,000, and both the dips below $13,000 recently were immediately bought back, which signifies that there is a good buying pressure below $13,000 and BTC will most likely head towards the price of $14,000.
If $14,000 psychological and technical resistance can be broken and flipped to support, there is no significant resistance till $20,000, and we will most likely head for the all-time high value of BTC. However, rejection of $14,000 can signify a local double top formation, and we can head back to $10,000 and finally to $8,000, which will be an area of interest for a lot of buyers who are looking to long BTC.
ETH/USD- Price prediction
It is safe to infer that ETH has flipped the resistance of $400 to support since 5 daily candles have closed above this support zone. ETH price will most likely head towards $440, which is the upper resistance zone. If the support of $400 is broken, the next two support zones for ETH lay at $360 and $320.
LTC/USD – Price prediction
We have seen massive price gain in LTC over the past week. It has increased 30% in price value since its breakout from trend line resistance at $48.50. Let’s view the price prediction for LTC on the daily candles.
The moment LTC broke out of the trend line resistance at $48.50, it immediately cleared the 50, 100, and 200 day exponential moving average, flipped $54 resistance to support and is now trading at a price of $58. If LTC can clear this $58 resistance, it could head for the next resistance of $62.50 with possible wicks towards $65.
Breaking of current support could pull the price down towards $54.
QTUM/USD- Price prediction
QTUM has been consolidating in the $2.20 to $2.30 zone and has formed a triple bottom. If it can clear the 200 day exponential moving average at $2.37 and close subsequent 4-hour candles above it, we could see a potential move towards $2.58 first and then $2.90. Failure to hold the current support could lead QTUM price towards the $1.94 support zone.
BCH/USD – Price prediction
BCH is known to follow the price action of BTC and has been doing the same. It is currently sitting at a support of $266 and could head towards the upper resistance zone of $290-295. Failure to hold current support, or a bearish move by BTC, could lead the price of BCH down towards the $240 zone.
LINK/USD – Price prediction
Link price is trading in the support zone of $12. If it closes the daily candle above this support, it could head towards the upper resistance of the $13.70 zone, and failure to hold support could push the price down towards the $11 zone.
