Bitcoin celebrates 14th Pizza Day with speculation and expected upswing

It has been 14 years since a US man named Lazlo Hanyecz bought a pizza using his crypto holdings. This happened when he struck a deal with a user of the BitcoinTalk forum. He used 10,000 BTC tokens to buy 2 large pizzas. The value was approximately $41 at that time, in May 2010. The value of BTC has appreciated since then and now translates to more than $69,000 at the time of writing this article.

The world celebrates this day by mostly speculating about the future of Bitcoin ($BTC). This stems from the belief that the value marks an uptick or a major activity on May 22. Starting from 2016, every BTC was exchanging hands at $442. This jumped to around $2,000 in 2017 and $8,400 the following year. The maximum value was fetched in 2021 for $39,000. With Spot Bitcoin ETFs on the horizon, the next surge in BTC is expected to be significant.

It is already up by 12.80% in the last 7 days and 5.25% in the previous 30 days. At the press time, its precise value is $69,734.29. Also, Bitcoin dominates the crypt sphere, hosting more than 50% of the global share. There was a notable market cap and 24-hour trading volume decline by 1.94% and 21.89%, respectively.

BTC is still expected to mark a significant upswing in the next couple of days. A near resistance milestone is $75,000, followed by $84,000. It could reach as high as $100,000 by the end of the year. Analysts also speculate that BTC can end 2024 at $150,000. Bitcoin Halving has softened the decline, if not accelerated the rise. What has served as a major deal is the approval of 11 applications of Spot Bitcoin ETF.

That enabled traders and investors to engage in Bitcoin without gaining direct exposure to the risk of owning it. There are no major advancements in the picture; however, the enthusiasm is evident for BTC to achieve a new ATH and surpass the psychological milestone of $100,000 by the end of the year.

It could gain decent jumps if the SEC approves the Spot Ether ETF. There was some diversification to altcoins when Bitcoin was consolidating between $61,000 and $64,000. A similar trend for Ether will only reduce the burden on Bitcoin without hampering the token value.

Other factors that could mark an uptick in BTC are rate-cut decisions and investors’ risk appetites. The Federal Reserve will likely cut rates for the first time in 2024 in the next 2-3 months. An increase in risk appetite will enhance liquidity within the crypto framework, thus serving as a wonder for Bitcoin and other tokens in the ecosystem.

Bitcoin Pizza Day is underway as the article is being drafted. As the community engages in stealing a slice from their colleagues, an obvious sight is on its movements amid volatility and uncertainty.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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