The American Thanksgiving holiday celebration is celebrated today by millions of Americans. The holiday was a catalyst in the last phase of Bitcoin’s bull run.
We are celebrating the holiday with the continuing cryptocurrency bull market. To help us celebrate, we look back on the historical Bitcoin price movements over the years and try to predict the future.
We ask you to pass the Bitcoin
In 1619, Thanksgiving was established to celebrate the harvest and warm weather ahead. Instead of allowing crops to spoil there was an enormous feast, which sometimes lasted for days.
The traditional Thanksgiving dinner is a turkey and stuffing meal with mashed potatoes, gravy, gravy and pumpkin pie. The family’s relationship with the table can make dinner discussions tender or tense depending on who is hosting.
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The holiday is always at the end of important price points, so it’s possible that such dinner tables conversations have had an effect on Bitcoin or other cryptocurrencies in the past.
To celebrate in a very NewsBTC way, we’ve taken a deep dive into the history of holiday and the effect it’s had on price action. BTC holders may want to be thankful for the interesting results.
Past tops and bottoms have been within 48 days of Thanksgiving | Source: BTCUSD on TradingView.com
Turkey Proximity to Peaks gives Holders Something To Enjoy
Dating back as far as the Bitcoin price index will run, we’ve added a pumpkin-colored vertical line to represent each Thanksgiving to the day.
It is obvious that Thanksgiving falls close to key pivot points of the Bitcoin market structure. Thanksgiving falls close to the major bear and bull markets.
Actually, 5 out of 5 major Bitcoin tops/bottoms were visible within 48 days after Thanksgiving. Four of the five tops or bottoms mentioned above were made within 24 days after Thanksgiving. Two out of five bottoms and tops seem to be in conjunction with Thanksgiving.
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In 2017, Thanksgiving dinner table talk was less focused on “pass the gravy” and instead discussed “which coins to buy.” 24 days following Thanksgiving that year, Bitcoin rallied 150% from $8,000 to $20,000, putting in the bull market peak. The following Thanksgiving was within just 24 days to the bear market bottom.
The top cryptocurrency in terms of market capital would be around $144,000 24 days after today. 150% would make it the highest at approximately $124,000 by December 19, 2021. This is a possibility, and there’s more information than data that suggests otherwise. Are these the types of harvests crypto-holders should be expecting with this US holiday? If that’s the case, the Thanksgiving theme is appropriate, as it will be the last major harvest before a very cold crypto winter.
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Featured image taken from iStockPhoto. Charts taken from TradingView.com