In recent years, it has come to my notice that bitcoin does plunge in price a few days before any festive season/news on crises. Although, it sometimes falls on that same day. One of the massive drops was early last year (2020) during the COVID pandemic outbreak, Bitcoin plunged from $8179 to $3782. Ever since then, traders are mindful of how they trade while holders pray for a quick recovery.
Last Week of November 20201
I woke up at around 4:14 am because I needed to use the bathroom. After I was done, I then checked how the market was coping. Surprisingly, 70% of the charts were green. I saw bitcoin at $58500 and hive at $2.85. My hive isn’t on Binance so I didn’t sell but I sold a few bitcoin and some other alts coins preparing for a drop. Fast forward to 6hrs later, bitcoin is trading between $54700 to $55300.
What could have caused the dump? Everyone asked. The CT is guessing it’s due to the Black Friday sale. However, almost everyone forgot about Thanksgiving. Oh! isn't that to be worried about?
Well, the deed is done. Bitcoin dropped on this day (on thanksgiving and black Friday). CT tagged it Crypto Black Friday Sale
what’s next?
As it is now, the strong hands are still holding and buying the dip, while the spaghetti hands are selling off on panic.
Bitcoin is down with -5% while hive is still waxing strong at +50% with its 24h ATH at 0.000058sats.
For me, I have bought bitcoin with 50% of the funds I got from selling bitcoin earlier today, and I will be hoping to load my hive bag once it retraces.
Cryptocurrency investment is subject to high market risk. I’m not responsible for any of your investment losses. The opinions and statements made above should not be considered financial advice.
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