Paypal 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 7% this morning and trading at a new 52-week high.
From a longer-term perspective, bitcoin isn’t just on the verge of a 52-week high. It’s also on the verge of taking out its summer high from 2019 forming a loose cup and handle pattern in the process. We would also note that the intraday high from mid-2019 is more than $1,000 higher at $13,851.60. 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. Start a two-week free trial to Bespoke Premium for instant access to all of our research and interactive tools!