Bitcoin’s price behavior during Thanksgiving has become a topic of intrigue for traders, with historical data suggesting a pattern of volatility. As the crypto market gears up for the holiday, investors are asking: Will Bitcoin crash again on Thanksgiving?
Thanksgiving’s History of Price Drops
Since 2019, Thanksgiving week has frequently coincided with Bitcoin price corrections. In November 2020, for instance, Bitcoin reached a local peak of $19,633 but failed to surpass its all-time high of $20,000. The correction that followed was significant, yet within two weeks, Bitcoin regained momentum, breaking through the $20,000 barrier and setting new records in Q1 2021.
This Thanksgiving, Bitcoin’s price dynamics are under scrutiny again. Charles Edwards, founder of Capriole Fund, noted that Wednesdays—such as November 27 this year—have historically been bullish for Bitcoin. However, Thanksgiving Day itself has consistently seen corrections in the past five years, making traders cautious.
Current Market Outlook
As of now, Bitcoin is trading near the critical $95,000 level. Analysts suggest that a bullish confirmation could occur if Bitcoin closes a daily candle above this psychological mark. However, failure to maintain its position above the 50-day EMA could result in a pullback toward liquidity zones around $90,000.
Bitcoin’s 4-hour chart highlights potential price volatility, with the next 24 hours being crucial. Market participants are closely watching to see if Bitcoin will defy its Thanksgiving pattern or succumb to the typical holiday dip.
What’s Next?
While short-term corrections are possible, historical trends show that Bitcoin often rebounds quickly in December, supported by renewed investor confidence. A similar pattern in 2024 could see Bitcoin gaining momentum after Thanksgiving, especially with macro factors like the upcoming halving fueling optimism.
As Thanksgiving approaches, the crypto market is bracing for action. Whether Bitcoin crashes or holds steady, traders should be prepared for potential price swings—and perhaps a post-holiday rally.
Also Read: Polymarket Predicts Bitcoin won’t hit $100K by November end
