- Bitcoin surged to a new record high of $111,861 on May 22 in response to strong market trends.
- Bitcoin Pizza Day marked the fifteenth anniversary of the first Bitcoin transaction when just two pizzas were exchanged for BTC.
- Current market trends and support from institutions suggest analysts believe Bitcoin might reach $150,000 by August.
Bitcoin soared to a new high of $111,861.22 on May 22, coinciding with the 15th anniversary of Bitcoin Pizza Day. This development comes as sentiment in the market improves, more institutions become involved, and the supply of bitcoin decreases.
The day of May 22 is remembered as when the first Bitcoin purchase for two pizzas took place by Laszlo Hanyecz in 2010. Each coin was worth not much more than $20 at that time. Currently, this amount is worth over $1.1 billion, highlighting how Bitcoin has developed from digital money intended for experiments to an asset recognized all over the globe.
Price Action Signals Strong Market Support
After surpassing $110K, Bitcoin now has $110,000 as an important support level. The shift comes after a long consolidation in the area of $90,000 to $100,000, and both volume and market structure now point to Bitcoin breaking out to the upside.
Analysts believe the rally is due to real buyers rather than traders taking on excessive risk. ETF inflows in recent times, induced by big players like BlackRock, have led to unbalanced supply and demand in the market. Approximately every 450 BTC mined, ETFs take up a big portion, decreasing the amount of BTC in circulation.
The trend is currently indicative of higher prices. With positive macro sentiments and growth in ETFs along with rising prices, Bitcoin is likely to go up through the summer period.
Bitcoin Pizza Day: From Pizzas to Portfolio Anchor
What was initially a unique deal in 2010 is now an important celebration for the crypto sector. The holiday remembers the beginnings of Bitcoin and also points to how digital assets are becoming accepted by the mainstream.
Globally, people use meetups, social media, and webinars to mark Earth Day. NFT drops, merchandise made for certain events, and fundraising events are now typical. In a few cities, Bitcoin discussion panels are hosted by blockchain startups, and guests are treated to pizza in honor of the digital asset’s early days.
The day is also meant to remember the early pioneers who made Bitcoin what it is today, changing it from a small idea into a major player. Buying two pizzas has become a legendary episode in the history of technology.
Analyst Targets $150K Peak by August
According to veteran trader Peter Brandt, Bitcoin is expected to keep rising. He points out that hitting $111,000 does not mark the top of the cycle but only the halfway point. Brandt argues that bullish trends tend to see new heights as time goes on.
According to him, increased buying, ETF influence, and a favorable macro environment for decentralization could see Bitcoin surpass $125,000 to $150,000 by August. He forecasts prices will keep rising because certain models show institutions will buy more and supply will decrease.
