Will Bitcoin pump after this year’s Thanksgiving? This is the question on the minds of many Bitcoin investors and enthusiasts.
Historical patterns show that the price of Bitcoin usually goes up after each year’s Thanksgiving. For 2024, the answer remains to be seen as Thanksgiving remains 5 days away.
If history repeats itself as it usually does with Bitcoin however, the price gains may be realized a few days after Thanksgiving, which is only a few days away.
Past patterns
The crypto market is characterized by uncertainties when it comes to the price of Bitcoin. However, one thing that has remained fairly reliable in predicting the behavior of the asset is historical patterns.
For example, it is a familiar fact that Bitcoin’s price experiences a significant pump following every halving, which occurs only once in roughly every four years.
Although this pattern doesn’t come at precisely the same time, it has held true since the first Bitcoin halving in 2012.
A similar pattern is seen after every Thanksgiving, when the asset usually experiences a pump as shown in the chart below from 2017.
Logically speaking, this year may not be different, especially considering the fact that we’re in the post-halving bull market, although there’s some ongoing capitulation now leading to lower prices.
Expecting a rebound
Weak hands among Bitcoin holders are selling in response to the recent retrace, which could cause the price of the asset to go even lower.
However with whales like Microstrategy buying up more Bitcoin, it is likely that the price will bounce back well ahead of Thanksgiving, thus continuing with the existing trend from the past four years.
Bitcoin is trading at $91,171 at the time of writing this report. This indicates a continuing decline which started within the last 24 hours.
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