“McLurgie Wraps ( McRib ) will be returning on October 27th. Historically, BTC has more than doubled in value after its return on McRib. Don’t miss McRib. This is not investment advice.” A user named X posted on October 22nd.
The research vice president of the cryptocurrency trading company GSR, Carlos Guzman, told Decrypt that there is 'no causal mechanism' between the two, and any price increase that occurs after McRib is relisted is merely an 'interesting coincidence'.
“Assuming it really signifies the beginning of a bull market, that would be quite absurd, similar to people superimposing the release dates of the ‘Dune’ movies onto charts,” said Nolan. “So yes, it’s interesting and can create some excitement, but even in the best-case scenario, it’s purely coincidental.”
Guzman also expressed agreement, adding that the reason why the crypto community may still cling to this theory is that it is “quite silly” and “obviously absurd,” and people find it funny.
Bitwise Europe, the research supervisor, and Dragosch stated that as this year's McRib regression approaches, Bitcoin is in a "wait-and-see mode," with traders reluctant to make significant bets until the Fed's next move becomes clear.
What really drives Bitcoin?
According to the data from Decrypt, Bitcoin has had relatively limited fluctuations over the past month, currently trading at $79,750, which is a 6% decrease from before.
The Federal Reserve raised interest rates for the first time since 2023 in September, followed by a 0.6% increase in CPI that month. The Fed's next interest rate decision will be announced on Wednesday.
Blockworks Senior Research Analyst Jake Koch - Gallup told Decrypt that this decision is one of three catalysts in the coming two weeks. The other two are a Bitcoin option with a nominal value of $11.69 billion that expires on October 30th, and the U.S. mid-term elections on November 3rd.
"If the Federal Reserve maintains interest rates unchanged, and ETF funds continue to flow in, I expect prices to break through upwards." Koch-Gallup said to Decrypt last week, "If the Federal Reserve raises interest rates again, the support range of $75,000 to $77,000 will become the focus once more."
Therefore, if the Federal Reserve delivers the results that the market expects, then it is indeed possible for the price of Bitcoin to rise in the coming days... just like McRib returning to McDonald's stores. Is it a coincidence? Experts think so.
