Several rumors have been going around concerning Facebook buying Bitcoin; Mark Zukerberg has also been hinting that Facebook may get its share of the Bitcoin pie very soon.
The purple line is the fifty-day moving average; it tends to be a good indicator during a bull market cycle and a very powerful indicator for finding strong dip-buying opportunities.
Historically, when we have sustained dips underneath the fifty-day moving average during a bull market, it tends to be a powerful period. The average correction lasts for about twelve days; this current correction lasted for eleven days. After we had a huge sell-off, we eventually had a breakout followed by back-and-forth retests. Bitcoin looks like it is establishing the fifty-day moving average as an area of support while preparing us for a launchpad that will push up the price. Ethereum and the meme coins have been stealing the spotlight while Bitcoin has been getting ready to wow us.
Bitcoin will go much higher during this bull cycle, especially because what we have been seeing and experienced for the past few months is a massive accumulation period for Bitcoin. We had the first major price wave; now, it has been resting and rearranging for a few months. What we will see for Bitcoin very soon is a significant breakout.
Mark Zuckerberg revealed that he named one of his goats after Bitcoin. The timing is quite interesting because rumors circulated for the past few weeks that Facebook will be buying Bitcoin. There is a Facebook shareholder meeting scheduled to take place on the 26th of May, and based on the rumors, the announcement regarding Facebook purchasing Bitcoin will be made after the meeting.
It will not be a surprise if Mark Zuckerberg already has Bitcoin, especially because he named his goat after Bitcoin. Still, Facebook buying Bitcoin is another coating of icing on the cake regarding the mass institutional adoption of Bitcoin as a cash alternative asset.
Microstrategy led the way, Tesla followed the path, and it will be interesting if Facebook follows the path because Facebook knows about cryptocurrency. Facebook has been considering launching their cryptocurrency for a few years; Facebook not implementing Bitcoin on their platform does not mean that they are not aware of the fold of cryptocurrency, nor does it mean that they are Bitcoinphobic.
Facebook has a large amount of idle cash melting away; they may go into Bitcoin to diversify from their cash holdings. It will not be a surprise when we see Facebook announcing that they have purchased Bitcoin.
