In the Asian market on Monday (August 28), Bitcoin was unable to break through the range-bound mode of $26,000. After insiders from the U.S. Securities and Exchange Commission revealed that Binance Changpeng Zhao deleted the post after announcing that he had "suspended Single Euro Payments Area (SEPA) services", good news came from the encryption market. US media disclosed that Musk may turn the X platform into a "new version of PayPal" and that he is in contact with Wall Street executives. Technical analysis points out that historical price patterns indicate that Bitcoin is expected to return to a high price of $50,000 by the end of the year. #荣耀时刻 #BTC #ETH


Musk's contact with Wall Street executives "leaked" information, Zhao Changpeng secretly deleted the post and was exposed

John Reed Stark, former director of the SEC's Office of Internet Enforcement, warned Bitcoin and cryptocurrency buyers to be cautious of Binance's recent developments, as the exchange told users in a since-deleted customer service message that it had suspended euro withdrawals and deposits through the Eurozone's SEPA system. But then, Binance deleted this key content.


He tweeted: "This is disturbing. The SEC & FINRA should immediately dispatch a team of auditors, examiners, and inspectors to investigate what happened and refer this matter to the SEC Enforcement Division and even the DOJ if appropriate."

Stark had just issued a separate warning to BlackRock, citing reports that Binance users were experiencing difficulties with euro fiat withdrawals in Europe due to issues related to the SEPA system. Binance customer support mentioned in a deleted message: “We regret to inform you that we have temporarily stopped Euro withdrawals and deposits through SEPA and our payment providers can no longer support these transactions.”

A Binance spokesperson later urgently clarified: "The customer support message was sent in error." Binance told users that its current Euro banking partner Paysafe Payment Solutions will stop cooperating with the cryptocurrency exchange in September, while deposit and withdrawal services will continue to operate as planned until September 25.


Credit card payment processor Checkout.com has reportedly cut ties with its largest client, Binance, over money laundering and compliance concerns. Earlier this month, Binance canceled its Binance Connect service, which helped businesses accept cryptocurrency payments.

Just as Binance’s Changpeng Zhao is facing a major payment crisis, Forbes quoted sources as saying that Musk may turn the X platform into a “new version of PayPal.” Fox Business reporter Charles Gasparino noted in the post that Musk "continues to have contacts and conversations with senior Wall Street executives about the future of X."


He continued: "They told me that Musk appears to be working on a new payment system, an updated version of PayPal, that would offer lower transaction costs and monetize user information."

Earlier this month, Musk denied media reports that X might add a built-in trading platform to the app as part of a plan to turn the app into a financial data giant. Musk went on to say that X would never launch a platform coin that competes with Bitcoin, XRP, Ethereum, and Dogecoin. This boosted the sentiment of Bitcoin investors because once the X platform launches payment services, it is likely to introduce Bitcoin and Dogecoin instead of launching a new platform coin.

PayPal, the payments giant created when Musk’s X.com merged with Confinity in March 2000, launched its dollar-pegged stablecoin PYUSD earlier this month, hoping to learn from Meta’s failed stablecoin experience.

PayPal's support for Bitcoin and cryptocurrencies in late 2020 helped kick-start the latest Bitcoin price bull run, pushing Bitcoin to nearly $70,000. Gavin Michael, CEO of Bakkt, the Bitcoin custody company owned by Intercontinental Exchange, said in emailed comments: “We saw PayPal launch its stablecoin, which also played a role in recognition.”

Analyst: Bitcoin will return to the high price of 50,000

Bitcoin price continues to face uncertainty about where it will move next, with the market still unsure whether the asset will experience upward or downward momentum. Amid this uncertainty, historical price patterns suggest that the asset has the potential to rise by more than 90% from its current value by the end of the year.

On this point, TradingShot analysis suggests that Bitcoin could be worth $50,000 by the end of 2023. The analysis centers on a moving average convergence divergence (MACD) bullish crossover that occurred on the one-month timeframe about two months ago. This crossover reveals historical similarities that could foreshadow a significant rally ahead.


The analyst said the pattern reflects historical context going back to 2014, identifying three previous instances where the one-month MACD formed a bullish crossover. In these cases, with the exception of the odd period during the Libra hype in June 2019, price action was notable for hitting the 0.786 Fibonacci Retracement level shortly before or after the bullish crossover.

Additionally, analysts highlighted symmetrical support levels from the last lower high of the bear market cycle. This support has shown resilience by consistently closing above it on all 1-month candles, barring irregular interruptions due to the pandemic-induced flash crash in March 2020.

“This is where the recent price drop has brought us, testing symmetrical support which has already held twice in June and May 2023. The situation is more like the 1M MACD bullish crossover in December 2015 which took 6 months to reach the 0.786 Fib level. This time frame is completed in 4 months, which means that by December 2023, Bitcoin can reach the 0.786 Fib level, or $50,000.”

In fact, the cryptocurrency community would be relieved if this pattern repeats, especially considering that Bitcoin has been trading mostly below the $30,000 mark recently. Notably, market observers believe that Bitcoin is poised to hit new highs on the back of catalysts such as the upcoming halving event and the potential approval of a spot Bitcoin ETF.

Meanwhile, as Bitcoin trading goes through a consolidation phase, demand for the first-time cryptocurrency appears to be growing. According to Finbold, demand for the keyword “buy Bitcoin” has increased on Google Trends over the past 12 months.

From a technical analysis perspective, the main sentiment surrounding Bitcoin remains bearish. The one-day indicator overview suggests a “sell” stance at 14, while the moving average advocates a “strong sell” stance at 13. Meanwhile, the oscillators remain neutral at 7.