Over the last five years, bitcoin’s holiday behavior has piqued the curiosity of investors and analysts. From dramatic tumbles to meteoric climbs, Thanksgiving has consistently spotlighted the currency’s unpredictable nature and ability to make waves.
2020’s ‘Thanksgiving Day Massacre’
Thanksgiving 2020 is etched in memory for the “Thanksgiving Day Massacre,” a rapid and steep drop in bitcoin’s value. Prices plummeted 17% within hours, sliding from $19,500 to $16,200. The nosedive rattled investors, but bitcoin’s ability to bounce back was on full display. By year’s end, it had climbed to $30,000, fueled by renewed optimism and increasing institutional interest. This event demonstrated bitcoin’s vulnerability to sharp market moves, while also affirming its capacity for swift rebounds.
2021’s Bullish Leap
In 2021, bitcoin flipped the script, delivering a holiday performance brimming with gains. On Thanksgiving, the cryptocurrency traded around $58,927—an astonishing 214% leap from its Thanksgiving 2020 price of $18,764. This surge highlighted bitcoin’s growing allure as an investment vehicle, attracting attention from both retail and institutional players. The 2021 season stood out as one of bitcoin’s best during the holiday period.
Sam Bankman Fried-Turkey Day
However, Thanksgiving 2022 was a tougher time for bitcoin as it navigated a persistent bear market. Trading at approximately $16,200, the cryptocurrency had shed 71% of its value from its 2021 highs. The collapse of the FTX exchange and economic pressures contributed to the decline. This chapter emphasized how external shocks and regulatory concerns can weigh heavily on the cryptocurrency market.
Bitcoin Get’s It’s Groove Back
By Thanksgiving 2023, bitcoin found its groove again with a steady climb in prices. Starting in November at $34,657 and ending at $37,712, the cryptocurrency gained momentum as global monetary easing took hold. Central banks’ more lenient policies proved favorable for cryptocurrencies. Meanwhile, enthusiasm for spot bitcoin exchange-traded funds (ETFs) further fueled capital inflows. Though there were worries about resistance at major price milestones, bitcoin’s performance solidified its standing as a dominant asset in the crypto world.
2024 Turkey Day and $100K Hopes
With Thanksgiving 2024 here, bitcoin is hovering near $100,000, just below its all-time high of $99,800 earlier in the year. Opinions are split among analysts, with some forecasting a repeat of the “Thanksgiving Day Massacre,” while others cite increased institutional involvement and a maturing market as stabilizing factors. The holiday season is once again shaping up to be a critical moment for bitcoin.
The past five Thanksgivings vividly illustrate bitcoin’s journey as a maturing financial instrument. The shocking dip in 2020, the record-breaking rally in 2021, the struggles of 2022, and the renewed momentum in 2023 underscore its complex dynamics. With Thanksgiving 2024 around the corner, bitcoin’s history serves as a reminder of its volatility and resilience, leaving investors on edge for the next twist in its ever-evolving story.
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