“Bitcoin suffered a steep decline four years ago around Thanksgiving after being turned away at the $20,000 level.The action this year after failing at $100,000 is similar, though less severe so far.Those who bought the dip in 2020 didn’t have to wait long to be rewarded.”, — write: www.coindesk.com
Mr. Market had a different idea though and as families began to get together for the U.S. Thanksgiving holiday, a wave of selling took place. Between East Coast Wednesday morning hours and the first football game early afternoon Thursday afternoon, bitcoin plunged from roughly $19,500 to $16,200, a decline of nearly 17%. The action was quickly dubbed the Thanksgiving Day Massacre.
Exactly four years to the day later, bitcoin is seeing another swift decline after failing to surpass another milestone. There are, of course, key differences. First, this year’s big number is $100,000, or five times that of four years ago. Second, the decline this time around has been more drawn out and is far less severe (so far) on percentage terms, a drop of just about 8% to $91,500 after nearly taking out $100,000 a few days ago.
The aftermath of 2020 will be encouraging to the bulls. Just four days after the plunge, bitcoin had returned to just shy of $20,000 and by mid-December had soared to a new record high above $24,000. By year-end, the price was above $30,000 on its way to the bull market peak of $65,000 in April 2021.
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