Bearish Bitcoin Sentiments Return Even With PayPal Integration Rumors

Bitcoin Sentiment At Rock-Bottom - Will BTC Price Follow Suit?

Santiment, a crypto data feed for traders and investors has released an article titled ‘Bold Predictions’ where it discusses the chances of Bitcoin to break $10,000 and the momentum of a few other top coins. 

According to data from santiment, the number of Bitcoin active addresses is staying flat while the token age consumed metric is also not doing much.

It seems, however, that Bitcoin’s sentiment is dropping and getting quite negative but Santiment states that this is a good thing for buyers.

Bearish Bitcoin Sentiments Return Even With PayPal Integration Rumors
Via Santiment

“This negativity can generally be perceived as a good sign for bullish traders out there, and as it creeps toward a mean deviation close to -1, this is generally a tell-tale sign of a buy opportunity.

The overall rating for Bitcoin is 5.8 which is slightly bullish.

Most of the other coins analyzed were also around this rating and it’s not a surprise considering Bitcoin and others have been trading sideways for months now. 


Is PayPal Going To Boost Bitcoin’s Price?

While long-term fundamental metrics are always important, a recent rumor about PayPal supporting crypto is making headlines. Although it’s just a rumor, three independent sources have confirmed it already, PayPal has around 350 million daily active users and the integration of cryptocurrencies would be huge. 

While a lot of people are criticizing the possibility, stating that PayPal is centralized, it would still be a fantastic opportunity for the average person to get into crypto. It’s not a secret that buying or selling cryptocurrencies is not that easy and can be costly. PayPal could provide the easiest solution and bring massive adoption to the crypto industry. 

At the same time, PayPal could easily just create its own cryptocurrency but would still most likely support Bitcoin and a few other top coins. 

“After Square’s large success with Bitcoin trading on their P2P payments app CashApp, it was inevitable companies such as Venmo and PayPal to follow suit,” Guy Hirsch, U.S. Managing Director of the global crypto trading platform eToro, told Observer, a popular news outlet.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.