McDonald’s Marks Local Bitcoin Bottom With Crypto Tweet
Bitcoin continues to display bullish price momentum as it has managed to reclaim the lows around $40,000. The benchmark crypto has been slowly recovering after a violent downside move which shocked traders and market participants.
Related Reading | TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $38K
As of press time, Bitcoin trades at $41,486 with an 8% and 9.8% profit in the last 24-hours and 7-days, respectively.
BTC shows moderate gains on the daily chart. Source: BTCUSD Tradingview
How Do You Do, Fellow Kids?
The crypto trading community has been celebrating the recent Bitcoin price action after weeks of downside and sideways movement. When BTC was trending downside and pushing the market lower, crypto traders started joking about taking a joke on the popular food chain restaurant McDonald’s.
The food chain took note and replied to the crypto traders via Twitter. Many relevant personalities in the space, including Cameron Winklevoss, and other big accounts commented on the post with messages alluding to a McDonald’s product or about potentially joining the restaurant.
how are you doing people who run 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 in the popular food chain restaurant. In another Tweet, Saylor shared a picture of him using an apparel with a McDonald’s slogan “Doin’ whatever it takes”, as seen below.
Doin’ whatever it takes since ‘92. #Bitcoin pic.twitter.com/93gSyB3L2t
— Michael Saylor
(@saylor) January 6, 2022
Per his Wikipedia page, Saylor and McDonald’s were closely intertwine in 1992, the picture was part of a promo campaign. At that time, MicroStrategy was in a very early stage and Saylor won a $10 million contract to developed applications and study ways to make promotions more effective.
Almost 30 years later, the software company founded by Saylor would spearhead a new treasury strategy by adopting the Bitcoin standard. Once MicroStrategy broke the wall and integrated BTC into its balance sheet, Tesla, Block, and others followed.
Make It Or Break It? 2022 Could Be Bitcoin Most Important Year
Interestingly, Bitcoin recent price action draws the food chain’s emblematic “M”, as seen below. The last time Bitcoin saw its yearly lows around $33,000, McDonald’s made the aforementioned Tweet.
The “McDonald’s Pattern” draw on the chart could become legendary if Bitcoin truly hit its final bottom before resuming
NewsBTC has presented several different vision on the potential trajectory for BTC’s price going into 2022. While some experts expect the cryptocurrency to struggle, others believe it will manage to surpass the $100,000 threshold.
On the bullish side, Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone believes BTC will come out on top of a widespread market downtrend due to a hike on interest rates. On a less optimistic note, QCP Capital expect BTC to struggle in 2022 and remain rangebound unable to achieve a new all-time high.
Related Reading | Bitcoin Sees Poor Demand As Investors Try to Defend $37K, Is BTC In Trouble?
Time will prove them right or wrong, if BTC’s price can decouple from traditional markets, as it has happened for brief periods over the past weeks, the cryptocurrency could attract more institutional attention. In that sense, McGlone and others believe 2022 will be one of BTC’s most important years.