- 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.
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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.
Classic choppy pattern on #Bitcoin.
Rejects at $27,200 and consolidates, as CME gap is also around $26,900.#Bitcoin needs to break and flip $27,200 if we want to see any sustained momentum.
Beneath us, at around $26,000-26,500 -> 200-Week MA. pic.twitter.com/4rvuHLyjxe
— Michaël van de Poppe (@CryptoMichNL) May 21, 2023
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.
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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.