Bitcoin Price Decline Resembles Thanksgiving Massacre in 2020
Bitcoin took a tumble back in 2020 around Thanksgiving, much like it did four years ago when it failed to break through the $20,000 mark. This year, we’re seeing a similar pattern after it couldn’t quite reach $100,000. But don’t worry, history shows that buying the dip back in 2020 paid off pretty quickly.
Back in 2020, as families were gathering for Thanksgiving, bitcoin experienced a rapid drop from $19,500 to $16,200 in just a day and a half. It was so significant that it became known as the Thanksgiving Day Massacre. Fast forward four years to today, and we’re seeing a similar decline after missing the $100,000 mark. The difference this time is that the drop has been less severe, around 8% to $91,500.
But here’s the good news: in 2020, just four days after the dip, bitcoin was back up near $20,000 and eventually soared to over $24,000 by mid-December. And by the year’s end, it was over $30,000, reaching a peak of $65,000 in April 2021. So, history shows that there’s hope for a quick recovery.
It’s always interesting to see how the crypto market behaves, especially when major milestones are at play. Keep an eye on how bitcoin continues to move after this recent dip—it could be an exciting journey ahead!
