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Welcome back to Bull Market Bytes, your weekly cryptocurrency insight where we watch the market continue to heat up! ☀️

Time to grab your sunglasses! 😎

Exciting topics for this week!

💡 Fun Fact of the Week

📰 Bitcoin Replacing Gold

📌 Bull Market Bulletin

📊 Weekly Crypto Analytics

📚 Weekly Lesson: Ascending Triangle Formation

Fun Fact of the Week 🤓

One of the most iconic holidays is quickly approaching us…

No, not bubble wrap appreciation day… 🤣

Bitcoin Pizza Day, of course!

Bitcoin Pizza Day is celebrated every year on the 22nd of May.

How did this day come to be, you may ask? 🤔

On May 22, 2010, Laszlo Hanyecz, a computer programmer, exchanged 10,000 Bitcoins for two Papa John’s pizzas.

At the time of purchase, it was about $41 in Bitcoin. In today’s value, that is about $660,000,000! 🤯

Every year, the crypto community eats pizza on the 22nd of May to celebrate this first documented real-world transaction! 🍕

Read more below! 👇

The $660 million-dollar pizza purchase!

Bitcoin Replacing Gold 📰

Once upon a time, when Bitcoin and the world were very young, everyone called it “digital gold”.

At the time, it seemed like a dream that would be unachievable. But remember the saying…

“First, they ignore you. Then they laugh at you. Then they attack you…then you win.”

With the topic we will cover today, it looks like we are now winning, and that unachievable dream is now becoming a reality. 😊

So, with all of that said…what is going on?

In short…Bitcoin is outperforming Gold! 🥳

(No surprise there 😂)

Over this past week, over 900 firms have revealed significant investments in spot Bitcoin ETFs.

And significant, we mean $11 billion significant!

Gold only saw investments from 95 professional firms. 😬

🧠 Remember! Bitcoin is a newer technology, and as it may not have the track record of Gold…it has the return on investment to back it up!

Below is a comparison time lapse for return on investment!

Granted, Gold has a much larger market cap compared to Bitcoin however, one is much older than the other.

If Bitcoin were to replace Gold this very second and to replace its market cap, Bitcoin would then be valued at…

Drum roll, please! … 🥁

$826,023 per Bitcoin!

A million dollars does not sound far-fetched when you look at it that way… 🤔

So, let’s take a trip down memory lane…

No, not of the memories of high school I try to suppress… 😂

When Bitcoin was mocked and was not accepted by any means.

Well, let’s see how Bitcoin is being viewed televised. Sure, not everyone believes the way below however…

Having someone on television with a large audience advocate for Bitcoin is a step in the right direction!

Will the digital gold replace the traditional gold? Will we see an all-time high break this year?

Will my dad return after 15 years from getting milk from the store? 🤣

Only time will tell. ⏰

Weekly Crypto Analytics 📊

Let’s dive into our weekly crypto analytics together! 🤿

This week, Bitcoin movement has been somewhat of a bore fest. 😴

That is…until Wednesday happened!

On Wednesday, we saw a 7% increase which was fueled by position ETF flows and the reporting from the news shown above.

So…what do we like to look for when charting? 🔍

Timelines!

Anyone could say that Bitcoin is going to $1 million in the year 2025, 2030, or even 2050…but that is too easy…

And we can’t wait that long…the Ferrari isn’t going to buy itself! 😂

So, what are we seeing in the near future? 🔮

Well, let’s take a look at the weekly Bitcoin chart below and see what it is telling us…

Above, we have levels of Resistance and Support. The one variable we have added this week is…

The Moment of Truth.

Yes, a silly name but that’s the best we came up with. 🤣

Either way…with the formation we have forming with the furthest right candlesticks, there is an ascending triangle.

Learn more about the ascending triangle.

It isn’t necessarily a textbook formation on the weekly chart, but don’t worry, we have another chart to show you below! 😎

So…let’s cover over The Moment of Truth.

But before we do!

🚨 We interrupt this program to bring you…Courage the Cowardly…

Sorry, wrong program…this week’s sponsor! ⭐

Special thank you to Bullseye Trades for sponsoring this week’s newsletter! 🙏

Now, back to The Moment of Truth.

With the ascending triangle formation, we see the line of Resistance and Support grow closer together.

In this specific formation, this build-up is like a pressure cooker. 🍲

This built-up pressure is the Breakout point. Learn more by clicking here for this week’s education lesson!

By going off of the weekly chart, the week of the 17th of June will be a decision point for Bitcoin’s price!

Let’s take a look below at the daily Bitcoin/USD chart. 👀

The daily chart gives a more in-depth breakdown compared to the weekly chart.

🧠 Remember! We look at different timeframes for candlesticks as one may be Bearish and the other Bullish.

It gives a more overall view compared to just sticking with one and not taking the other into account when making trading decisions.

When viewing this chart compared to the weekly chart, we see that the ascending triangle is even more visible.

⚠️ Caution! There are outside variables that can also affect the price of cryptocurrency such as interest rates, panic, and even plagues. 🏥

If this does occur, you would rechart and see which formation is forming at that time.

Bull Market Bulletin 📋

Crypto Trader Turns $3K into $46M in One Month! 🤯 An unknown wallet bought 4.9 trillion PEPE for $3,000 on April 15th, which eventually became valued at over $56 million!

Donald Trump and Joe Biden Face Off…Crypto a Prime Topic? The debate is set for the 27th of June, and with all of the hype around cryptocurrency implementation…will that be a topic of discussion? 🤔

Heist of $25 Million Takes Place in Seconds! ⏲️ Two brothers were taken into federal custody on Tuesday for “allegedly” stealing crypto in a “first-of-its-kind manipulation”

Mastercard Further Embraces Blockchain Technology! Mastercard’s “Start Path” welcomes five startups to develop blockchain use cases to foster innovation and digital asset utilization. That’s huge! 🚀

South Korean Police Arrest 34 in Crypto-Powered Drug Smuggling Ring. Police have seized 90,000 doses of drugs that were set to be sold online to crypto-paying buyers.

Ascending Triangle 📚

Welcome back to week’s lesson on trading formations! This week’s formation is what we are seeing with Bitcoin this very second…

The ascending triangle! △

So, is the ascending triangle a bullish or bearish formation? 🤷‍♂️

This formation is bullish.

Let’s take a look at the image below and see why! 👇

The Black lines above indicate the triangle formation, hence the ascending triangle.

As the Support continues to ascend, it draws the asset price closer to the Resistance line as it bounces back and forth.

Once we reach the peak of where the Support and Resistance meet, we are then met with the Breakout!

⭐ The Breakout is the point where the Resistance is broken.

So, why do we have a burst of upward momentum at the Breakout? 🤔

Well, there are multiple buying pressures that occur…for example…

• Buyers are buying more in anticipation of the upward burst

• Short sellers are covering their positions (opposite of the traditional trading method, and they buy to close their position)

• Trading volume spikes from increased transactions

Why would the short sellers close their positions?

Because when an asset goes up in value, they are losing money, and they want to close the position before the burst of upward momentum.

Take a look at the video below by Fortune Talks for more in-depth information.

🧠 Remember! This formation is Bullish, do not be on the wrong side of how the market wants to move!

Ready for your Lesson Review?

📚 Make sure to review the lesson above before answering!

Question: What normally occurs at the Breakout Point within the ascending triangle formation?

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