Bitcoin had its highest weekly closing performance in more than 2 years. An analyst suggests that this closure will push Bitcoin even higher in the coming months.
Bitcoin closed strongly last week, after a week in its uptrend. BTC exhibited its highest weekly close since January 2018 and managed to stay above $ 13,000. Bitcoin price is currently positioned just under $ 13,100.
The crypto money analyst, known as Benjamin Bluntz on Twitter and has more than 65 thousand followers, thinks that this performance of Bitcoin will positively affect the price of the leading coin in the coming days.
Previously held negative forecast, now predicts bullish
Benjamin Bluntz suggested that the scenario turned in favor of the bulls, with Bitcoin closing above $ 13,000. Bluntz shared a chart for BTC, arguing that a strong close above resistance could trigger the movement to record highs in the long run.
Benjamin Bluntz also correctly predicted that in 2018, towards the middle of the year, the Bitcoin price would fall below $ 3,200. About 6 months after Bluntz voiced his forecast, BTC dropped to $ 3,150.
Institutional players get hungry
It was announced last week that PayPal will support Bitcoin and other cryptocurrencies. The trading of coins will be supported as well as PayPal digital payments. According to the detailed report prepared by JP Morgan analysts on this issue, the move made can encourage other corporate companies to enter the cryptocurrency field.
Galaxy Digital CEO Mike Novogratz also stated that this move is very important, as analyst Nick Chong reported. Novogratz mentioned that the PayPal move could basically be seen as a sign that traditional financial institutions could evolve into investing in cryptocurrency infrastructure. In light of these developments, more large companies and institutional players are starting to invest in Bitcoin. As a development that supports Benjamin Bluntz’s prediction, Bitcoin can continue its bull run with more large investors entering the field.