Bitcoiners Lining up Buy Orders from 3 PM El Salvador Time to Celebrate History
El Salvador will make history today by becoming the first country in the world to make Bitcoin legal tender. It is a historic feat that's worth celebrating, precisely why Brazilian Bitcoiners on Reddit and Twitter plan to line up BTC buy orders from 3 PM the moment BTC officially becomes legal tender in El Salvador.
President Bukele cited Bitcoin's borderless nature and ability to facilitate fund transfer as unique properties that made them opt for crypto. It would help users save money currently paid via high transfer fees.
A Brazilian Bitcoin group on Reddit boasts over 3 million members. Its moderators have said each of the over 3 million members would buy $30 worth of BTC at 3 PM El Salvadorian time as they mark history and celebrate Brazil’s Independence day. The move has been received positively, and now more businesses and individuals are joining in.
Out of this, Bitcoin prices would likely experience high volatility at around $50k before breaking above $52k in a buy trend continuation pattern. This level is a strong resistance point that has thus far capped the upswing, pausing the Bitcoin rally of August.
According to another trader on Twitter, the real BTC rally and FOMO starts at $55k before fear once more slows down buyers at $64k.