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Bitcoin Price Forms Double Top on Pizza Day

AuthorKamal Masri
Financial Market Expert
Fact Checked by Wajeeh Khan
Last updated: May 22, 2024
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Bitcoin Price Forms Double Top on Pizza Day

Rising Demand Could Trigger Rally to $75K

Today marks a significant milestone in the history of cryptocurrency as the world celebrates Bitcoin Pizza Day. This day commemorates the first known purchase of goods using Bitcoin on May 22, 2010. 

The $700 Million Pizza

That day, Laszlo Hanyecz, a programmer, made history by buying two pizzas for 10,000 Bitcoin. At the time, this transaction was worth a mere $41. Fast forward to today, those 10,000 Bitcoins would be valued at an astonishing $700 million, highlighting Bitcoin’s meteoric rise as a store of value and its increasing prominence in the financial world.

Bitcoin Price Flat As World Marks Bitcoin Pizza Day 

Despite the celebratory mood, Bitcoin’s price action today has been relatively subdued. Over the past 24 hours, Bitcoin’s price has dipped slightly by 1.17%, trading at $70,047 as of 08:54 UTC. This lack of significant movement does not overshadow the broader trends indicating a strengthening of Bitcoin’s fundamentals, especially in adoption and market integration.

Institutional Demand on the Rise

One of the most notable indicators of Bitcoin’s growing acceptance is the recent surge in exchange-traded funds focusing on the cryptocurrency. Just yesterday, US ETFs recorded a net inflow of $305 million, with investment giant Blackrock leading the charge by contributing $290 million.

This influx of capital into Bitcoin ETFs points to the increasing confidence and interest from institutional investors, signaling a maturation of the market and a broadening of Bitcoin’s appeal as a legitimate asset class.

Political Goodwill For Bitcoin Rising – Trump Pro-Bitcoin 

Moreover, Bitcoin is making significant strides in the political arena. In a groundbreaking move, former President Donald Trump’s campaign announced it would begin accepting donations in Bitcoin. This decision marks a pivotal moment for Bitcoin as it gains validation as a medium of value transfer in mainstream political fundraising. The acceptance of Bitcoin by a prominent political figure such as Trump reflects a broader trend of growing acceptance among political entities.

Individual states in the US are also showing increasing support for Bitcoin. For instance, Oklahoma has taken a pro-Bitcoin stance, contributing to a more favorable political landscape for cryptocurrency. These developments suggest a shift in the regulatory environment, which could pave the way for broader adoption and integration of Bitcoin into various sectors of the economy.

Analyst Predicts Bitcoin Soon Headed To $100k+

With these converging factors, some market analysts are bullish about Bitcoin’s future price trajectory. Dave the Wave, a well-known analyst with over 100,000 followers on X, has predicted that Bitcoin is forming a “megaphone” pattern that could see its price soar to over $100k.

Such predictions, while speculative, reflect the optimism shared by many in the cryptocurrency community about Bitcoin’s long-term prospects.

Confluence of Bullish Factors: A Buy Signal 

Bitcoin Pizza Day is not just a nostalgic celebration of a historic transaction; it is a testament to Bitcoin’s remarkable journey and its growing influence in the financial and political spheres. While today’s price action may be muted, the underlying fundamentals and increasing adoption signal Bitcoin’s robust and promising future.

As more institutional investors, political figures, and individual states embrace Bitcoin, its role as a store of value and a means of value transfer will likely strengthen, potentially driving its price to new heights soon.

Bitcoin Hits Resistance, But Buying Volumes Rising

Bitcoin Hits Resistance, But Buying Volumes Rising

Source: TradingView

After a two-week rebound, Bitcoin has hit resistance at $71,277 and formed a double top. However, buying volumes are rising, an indicator that Bitcoin could soon push through the $71,277 resistance. Bitcoin could be on course to test prices above $75k today if this happens.

However, if bulls fail to push Bitcoin through the $71,277 resistance, a consolidation between this resistance and the $61,328 support could follow before Bitcoin garners enough volumes for another leg up. Conversely, a drop below the $61,328 support could trigger a retest of $57k in the short term. 

Read More: Bitcoin Price Prediction & Forecasts

$75,000 A Viable Target

While there is little action in Bitcoin’s price today, Pizza Day could trigger more buyers to consider Bitcoin as a viable store of value. The excitement around this day and the rising demand for Bitcoin by institutions point to a potential rally to $75k or higher in the coming days. 

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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