McDonald’s Marks Local Bitcoin Bottom With Crypto Tweet
Bitcoin continues to exhibit bullish price momentum as it managed to regain the lows around $40,000. The benchmark crypto is slowly recovering after a violent downward move that shocked traders and market participants.
Related literature | TA: Bitcoin Topside Bias Vulnerable As It Continues To Struggle Below $38K
At the time of writing, Bitcoin is trading at $41,486 with gains of 8% and 9.8% respectively in the last 24 hours and 7 days.
BTC is showing moderate gains on the daily chart. Source: BTCUSD trading summary
How are you, fellow children?
The crypto trading community is celebrating the recent Bitcoin price action after weeks of downward and sideways movement. When BTC trended downward and pushed the market down, crypto traders began to joke about taking a joke on the popular food chain restaurant McDonald’s.
The food chain took note and responded to the crypto traders via Twitter. Many relevant personalities in the space, including Cameron Winklevoss, and other major accounts responded to the post with messages referencing a McDonald’s product or potential joining the restaurant.
how are you people who have crypto twitter accounts
— McDonald’s (@McDonalds) January 24, 2022
Even Giga Bitcoin Bull Michael Saylor, CEO at MicroStrategy, shared memes of him joking about working at the food chain’s popular restaurant. In another Tweet, Saylor shared a photo of him wearing clothes with McDonald’s slogan “Doin’ what it takes” as seen below.
— Michael Saylor⚡️ (@saylor) January 6, 2022
According to his Wikipedia page, Saylor and McDonald’s were closely intertwined in 1992, the photo was part of a promotional campaign. At the time, MicroStrategy was at a very early stage and Saylor won a $10 million contract to develop applications and explore ways to make promotions more effective.
Nearly 30 years later, the software company founded by Saylor would lead the way in a new treasury strategy by adopting the Bitcoin standard. When MicroStrategy broke through the wall and integrated BTC into its balance sheet, Tesla, Block and others followed suit.
Make or break? 2022 Could Be Bitcoin’s Most Important Year
Interestingly, Bitcoin’s recent price action is pulling the emblematic “M” off the food chain, as seen below. The last time Bitcoin saw its annual low around $33,000, McDonald’s made the aforementioned Tweet.
The ‘McDonald’s Pattern’ Draw On The Chart Could Become Legendary If Bitcoin Really Hits Its Final Low Before Resuming
NewsBTC has presented different views on the potential trajectory for BTC’s price in 2022. While some experts expect the cryptocurrency to struggle, others believe it will surpass the $100,000 mark.
On the bullish side, Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone believes that BTC will come atop a widespread downward market trend due to a rise in interest rates. On a less optimistic note, QCP Capital expects BTC to struggle in 2022 and remain in range, unable to hit a new all-time high.
Related literature | Bitcoin sees poor demand as investors try to defend $37K, is BTC in trouble?
Time will prove them right or wrong, if the price of BTC can decouple from traditional markets, as has happened for short periods in recent weeks, the cryptocurrency could attract more institutional attention. In that sense, McGlone and others believe that 2022 will be one of BTC’s most significant years.