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.
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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.
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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.
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Featured image from iStockPhoto, Charts from TradingView.com