As a seasoned crypto investor with a few Thanksgivings under my belt, I can’t help but notice the intriguing pattern Bitcoin seems to follow during this holiday season. Having weathered multiple market corrections and witnessing the resilience of Bitcoin time and again, I find myself cautiously optimistic yet alert for potential price swings.
The fluctuation in Bitcoin‘s value over Thanksgiving has sparked curiosity among traders, as past trends indicate a tendency towards unpredictable movements. With the cryptocurrency market approaching the holiday, speculation is rife: Could Bitcoin experience another drop on Thanksgiving?
Thanksgiving’s History of Price Drops
From 2019 onwards, it’s often been the case that Bitcoin price corrections happen during Thanksgiving week. For example, in November 2020, Bitcoin hit a local high of $19,633 but didn’t manage to exceed its previous all-time high of $20,000. The subsequent correction was substantial, but within two weeks, Bitcoin recovered and surpassed the $20,000 mark again, setting new records in Q1 2021.
This upcoming Thanksgiving, there’s renewed interest in analyzing Bitcoin’s price fluctuations. Charles Edwards, founder of Capriole Fund, points out that Wednesdays, like November 27 this year, have often shown bullish trends for Bitcoin. Yet, traditionally, Thanksgiving Day itself has seen corrections over the past five years, causing traders to tread carefully.
Current Market Outlook
Currently, Bitcoin is close to the significant price point of approximately $95,000. Analysts believe that if Bitcoin manages to end the daily trading period above this key figure, it would indicate a bullish trend. But, should it struggle to stay above its 50-day moving average, there might be a dip in price towards areas with high liquidity around $90,000.
The 4-hour graph of Bitcoin suggests possible price fluctuations, and the upcoming 24 hours are considered critical. Traders are keenly observing to determine whether Bitcoin will break its traditional Thanksgiving trend or fall into the usual holiday decline.
What’s Next?
In December, Bitcoin has a history of recovering swiftly following brief corrections, driven by increased investor confidence. It’s plausible that this trend might repeat itself in 2024, with Bitcoin potentially picking up speed after Thanksgiving, especially considering factors like the approaching halving that are generating optimism among investors.
With Thanksgiving drawing nearer, the cryptocurrency market is gearing up for some activity ahead. Regardless of whether Bitcoin experiences a dip or maintains its current level, traders ought to stay ready for possible price fluctuations, and maybe even an uptrend following the holiday.
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2024-11-28 18:45