- Bitcoin’s price at the commemoration moved closer to its 2022 value.
- The coin may be rejected or breakout due to its tight trading range.
Every May 22 marks Bitcoin [BTC] pizza day. And this year, the price of the king coin has hovered around $26,850, according to data from CoinMarketCap. The event is an annual celebration marking the first commercial use of the digital asset in a transaction.
Read Bitcoins [BTC] Price prediction 2023-2024
Although this year marks the thirteenth anniversary, the incident happened in 2010, when Laszlo Hanyecz, a programmer, exchanged 10,000 Bitcoins for two pizzas. During this period, the value of the coin was less than a penny.
Interestingly, on the same day in 2022, BTC price was closer to price this time around, especially since this happened at a time when the broader market was being impacted by the Terra Luna [LUNA] And Terra [UST] Crash. So, what could happen to the value of BTC this time?
Make or spoil season
According to Michaël van de Poppe, BTC’s classy choppy pattern could either help it race above $27,200 or get rejected in the same area.
Classic choppy pattern on #Bitcoin.
Decline at $27,200 and consolidate as CME gap is also around $26,900.#Bitcoin must break and flip $27,200 if we want to see continued momentum.
Among us, around $26,000-26,500 -> 200 week MA. pic.twitter.com/4rvuHLyjxe
— Michael van de Poppe (@CryptoMichNL) May 21, 2023
A choppy pattern occurs when bulls (buyers) and bears (sellers) are about even when it comes to control. Here the power value is often linked with volatile periods and rectangular patterns. This makes it extremely difficult to trade.
Before his recent advice, the technical analysis specialist had also referenced BTC’s historical performance. Similar to 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 collect. In the past 6 months, Bitcoin swam underwater for a long time, making it the most undervalued since its existence. Next week it’s make or break. Rapid breakout upwards -> end of correction.”
From the emergence and increased acceptance
However, there have been some positive events in BTC since the last Pizza Day. According to Sanitationthe total number of holders was 42.08 million a year ago.
At the time of writing, the same statistic was 47.6 million. Due to the increase in the number of holders, BTC adoption has improved despite the series of capitulations within the period.
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When it comes to the number of transactions, it was also a similar case. As expected, this number of transactions is unstable. The statistic was 479,000 – nearly double the previous year. The rise implied that many addresses were now optimistic about trading the underlying coin.
Source: Sentiment
In conclusion, Bitcoin Pizza Day not only represents a time to look at the above event, but it also reflects a season to explore coin growth over the years.