Image default

This year’s Bitcoin Pizza Day could make or break BTC- Here’s how

  • Bitcoin’s price on the remembrance inched closer to 2022’s value.
  • The coin might face rejection or break out due to the tight trading range.

Every 22 May marks Bitcoin [BTC] pizza day. And this year, the king coin price floated around $26,850, according to data from CoinMarketCap. The event is an annual celebration to mark the first commercial use of the digital asset in a transaction.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

Although this year is the thirteenth commemoration, the incident happened in 2010, when Laszlo Hanyecz, a programmer, exchanged 10,000 Bitcoins for two pizzas. During this period, the coin’s worth was less than a penny.

Interestingly, the BTC price on the same day in 2022 was closer to the price this time, especially as it occurred at a time when the broader market was suffering the consequences of the Terra Luna [LUNA] and Terra [UST] crash. So, what could happen to BTC’s value this time?

Make or mar season

According to Michaël van de Poppe, BTC’s classy choppy pattern could either help it race beyond $27,200 or face a rejection around the same area.

A choppy pattern occurs when bulls (buyers) and bears (sellers) are roughly even when it comes to control. Here, the asset value is often linked with volatile periods and rectangular patterns. This makes it extremely difficult to trade.

Before his recent opinion, the technical analysis specialist had also referred to BTC’s historical performance. Like the aforementioned point, he considered the 200-day Moving Average (MA), noting that it could be a “make or break” week for BTC. Poppe said,

“If you go back in history, the 200-MA retest is a great period to accumulate. In the past 6 months, Bitcoin has been swimming beneath for a long period, making it the most undervalued since existence. Next week is make-or-break. Fast breakout upwards -> end of correction.”

Of the rise and increased adoption

However, there have been some positive happenings in BTC since the last Pizza Day. According to Santiment, the total number of holders one year ago was 42.08 million. 

At press time, the same metric was 47.6 million. The increase in the number of holders means that BTC adoption has improved despite the series of capitulations within the period.

Is your portfolio green? Check the Bitcoin Profit Calculator

When it comes to the transaction count, it was also a similar case. As expected, this transaction count has been unsteady. The metric was 479,000 — almost double the number it was the previous year. The hike implied that many addresses were now optimistic about trading the underlying coin.

Source: Santiment

In conclusion, Bitcoin Pizza Day does not only represent a time to look at the above event, but it also reflects a season to explore the coin growth over the years.

Source link

Related posts

Solana Labs’ Chief Exec Unveils Plan to Improve Network Upgrades After 20-Hour Outage

Marine Savard

Lido Launches V2 and Releases Staked Ethereum for Withdrawals

Marine Savard

Bitcoin’s future could hinge on mines over matter

Marine Savard

AAVE/USD Faces the North as Price Touches $58 Level

Marine Savard

Bitcoin (BTC) Price is Plunging, Key Reasons Why Bears Are Not Done Yet

Marine Savard

HSBC Acquires Silicon Valley Bank UK — Sale Facilitated by Government, Bank of England – Finance Bitcoin News

Marine Savard

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More