There is a lot of hype in the markets right now about PayPal being interested in cryptocurrencies, but no one can really understand the impact or direction of the current trends until we get to a stable point in the market with working payment system using the PayPal . No one really knows how the PayPal platform will even work much less if people using the platform will actually "own" and be able to withdraw the cryptocurrencies has been speculated.
Many people are calling for new BTC market highs, how PayPal can open crypto opportunities up to millions of new interested parties, etc. I am concerned lack of fulfilling expectations could lead to market capitulation. Also, lack of blockchain knowledge and market instability is a reason for new users NOT to use cryptocurrencies on PayPal as several similar types of payment platforms are already available for people who ARE interested in accepting crypto payments.
One thing I would like to point out is the global position of the markets. The few certain things are:
- We are at a similar price point as we were in July 2019
- Weekly is significantly lower (about -10) than it was back in 2019 leaning towards a weakening market and it is and near overbought ranges
- Weekly volumes are lower showing a current lack of high market movement needed to sustain continued upward movement
- The last price drop wicked down into the $4K ranges in March of 2020
- IF the price fails to move upwards from here, there is a potential to go lower than $4K since the market is showing a weaker side
Stay safe and please like and follow!
I am a simple market analyst - not a financial analyst
fortis Fortuna adiuvat - fortune favors the brave
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