Bitcoin (BTC) is currently encountering a phase of high volatility, with the maiden cryptocurrency testing levels below $16,000. The asset’s latest price movement has extended a bearish stretch, with investors still looking for a possible bottom hoping Bitcoin can replicate historical trends ahead of the Thanksgiving holiday.
Over the last three years, the holiday has acted as a catalyst for the final episode of Bitcoin’s bull run. In 2021, the asset traded at about $58,927, with gains of over 214% from the 2020 Thanksgiving.
Indeed, during the 2020’s holiday, Bitcoin was valued at $18,764, with gains of over 162% from 2019’s price of $7,150. However, based on various technical analysis indicators, Bitcoin’s Thanksgiving bullish trend will be cut short in 2022, with the asset likely to trade at $16,353, according to CoinCodex.com’s projection.
(by Justinas Baltrusaitis)