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bitcoin thanksgiving
Nexo Logo

Bitcoin Thanksgiving Day Data Reveals Peak Possible Within 30 Days

Tony Spilotro by Tony Spilotro
6 months ago
in BTC
Reading Time: 3 mins read
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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. 

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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. 

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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. 

bitcoin thanksgiving

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
Tags: bitcoinbtcbtcusdbtcustcryptothanksgivingxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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