Bitcoin Thanksgiving Day Data Reveals Peak Possible Within 30 Days
November 25 2021 - 01:36PM
NEWSBTC
Today across the United States, the masses are celebrating the
annual Thanksgiving holiday tradition. In the past, the holiday has
acted as a catalyst for the final phase of the Bitcoin bull
run. To celebrate the holiday and the ongoing cryptocurrency
bull cycle, we are looking back at the history of Bitcoin price
action over the years to try to predict what is to come next.
Please Pass The Bitcoin The tradition of Thanksgiving began in
1619, which celebrated the annual harvest ahead of colder winter
months. Rather than allow crops to spoil, there was a large feast
that sometimes lasted days. The tradition today is commonly
centered around a turkey dinner, with stuffing, mashed potatoes,
gravy, and pumpkin pie. Dinner table discussions range from tender
to tense, depending on the family unit. Related Reading | 10
Bullish Monthly Bitcoin Price Charts To Start November Such dinner
table conversations in the past have possibly had an impact on
Bitcoin and other cryptocurrencies, with the holiday always
occurring near important culmination points in price cycles.
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. The
results are quite interesting, and something BTC holders might want
to give thanks for. Past tops and bottoms have been within 48
days of Thanksgiving | Source: BTCUSD on TradingView.com
Thanksgiving Proximity To Peaks Give Holders Something To
Celebrate 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. The proximity of Thanksgiving to
important pivot points in Bitcoin market structure is undeniable.
The holiday appears close to most major bull market peaks and bear
troughs. In fact, five out of five major Bitcoin tops and
bottoms have appeared within 48 days of Thanksgiving. Four out of
five of these same tops and bottoms have occurred within 24 days of
Thanksgiving. Finally, two out of five tops and bottoms appear to
coincide with the holiday itself. Related Reading | Want To
Learn Technical Analysis? Read The NewsBTC Trading Course 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. 24
days from today and 150% would put the top cryptocurrency by market
cap at around $144,000 on approximately December 19, 2021.
Currently, there is more data to suggest that this could happen
again than information to suggest otherwise. Is this the type of
harvest crypto holders should expect with the US holiday here? If
that’s the case, the Thanksgiving theme is appropriate, as it will
be the last major harvest before a very cold crypto winter.
Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC
Telegram for exclusive daily market insights and technical analysis
education. Please note: Content is educational and should not
be considered investment advice. Featured image from
iStockPhoto, Charts from TradingView.com
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