Paypal (PYPL) is making news this morning after the company said it will allow users to buy and sell cryptocurrencies in their accounts and use those funds to pay merchants. With increased/easier accessibility to bitcoin among Paypal customers, bitcoin is up over 4% this morning and knocking on the door of a 52-week high.
From a longer-term perspective, bitcoin isn’t just on the verge of a 52-week high. If it rallies another $400 from here, it would also take out its summer high from 2019 forming a loose cup and handle pattern in the process. To most people, the highs from late 2017 seemed like levels that wouldn’t be seen for years at the earliest, but if the 2019 highs are taken out, the conversation among crypto traders will inevitably shift focus back to those levels.
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