Summary: Everyone especially crypto enthusiasts know how the holiday season causes volatility in price. So the hot topic for traders is how Thanksgiving will affect Bitcoin’s valuation. The big question: Will this year break the pattern, or is another dip looming ?
Thanksgiving’s Track Record
Thanksgiving week has often brought Bitcoin price corrections. In November 2020, Bitcoin peaked at $19,633 but failed to break $20,000 until after a sharp correction. Within two weeks, however, it surged past its all-time high, setting new records in early 2021. This year, Charles Edwards of Capriole Fund highlights that while Wednesdays like Nov. 27 are often bullish for Bitcoin, Thanksgiving Day itself has seen consistent price drops over the past five years, making traders wary.
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Current Market Vibes
Bitcoin is currently hovering near $95,000, a critical psychological level. Analysts believe a daily close above this mark could confirm bullish momentum, but failure to stay above the 50-day EMA might trigger a drop toward $90,000. The 4-hour chart shows potential for volatility, with the next 24 hours being pivotal for market direction.
Holiday Dip or December Rebound?
Even if Bitcoin dips on Thanksgiving, historical trends point to quick recoveries in December. Factors like the upcoming halving are keeping investor sentiment optimistic. Whether it’s a crash or a rally, Thanksgiving might just set the stage for Bitcoin’s next big move.
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