The Bitcoin price has returned to $93,600 this morning after suffering a dive to the $91,000 overnight, with profit-taking remaining strong in the market today.
BTC is now flat in the past week, having corrected after setting a new record high of nearly $100,000 on Friday.
And while it remains up by 36% in the past month, some analysts and traders are beginning to draw parallels between its current behavior and the so-called ‘Thanksgiving Massacre’ of 2020, when the coin’s price plunged from just over $19,000.
However, Bitcoin’s climbdown from its new ATH hasn’t been as steep as it was back then, leaving its medium-term momentum in place as it looks to recover.
Is A Repeat of the 2020 “Thanksgiving Massacre’ Imminent for Bitcoin? BTC Drops to $91k, What’s Next?
BTC’s declines this week have led more than a few experts and analysts to tweet about the 2020 selloff, yet most have also noted that the cryptocurrency went on to rise much higher over the longer term.
#Bitcoin crashing below $16k, exactly 4 years ago. They called it the "Thanksgiving Day Massacre."
Everyone who bought the dip is up 480%pic.twitter.com/iCh3NlSI3a
— The Bitcoin Historian (@pete_rizzo_) November 26, 2024
Back in November 2020, BTC fell by 17% in only a couple of days, with the coin trying but failing to return to its then-record high of $19,783.
This time, Bitcoin fell by 9% from its current ATH of $99,645, and it has since recovered so that it’s only 6% down from this high.
This difference testifies to two things, with the first being that the Bitcoin market is arguably more stable and a bit less volatile than it was four years ago, with mainstream institutions now invested quite heavily in the token.
And secondly, the smaller dip also suggests that the cryptocurrency retains more momentum than it did back then.
Having said that, BTC responded to its ‘massacre’ in 2020 by finally reaching new record highs, with late 2020 and much of 2021 proving to be a bull market for the token and for crypto in general.
As such, the parallel between now and the 2020 ‘Thanksgiving Massacre’ seems to be largely a positive one, with BTC in a great position to set new ATHs very soon.
Looking at its chart today, we can see that the token looks ready to bounce back more strongly in the coming days.
Its RSI (purple) has risen from 30 to 50 as of writing, while its 30-period average (orange) has flattened out and should begin rising back up to the 200-period average (blue).
Based on this, the Bitcoin price should reach $95,000 again within the next week, before having another stab at crossing $100,000 by the middle of December.
Market-Beating Gains with Popular Presale Coins
Traders wanting to diversify beyond BTC would also do well to investigate new small-cap tokens, including presale coins.
Presale tokens can be sometimes be a good bet, with the biggest of them often outperforming the market when they list for the first time.
One coin with a good chance of doing this is layer-two project Pepe Unchained (PEPU), which has now raised an incredible $54 million in its soon-to-be-ending sale.
LAYER 2 AUDIT COMPLETE
Today we have some exciting news to share with the community!
As you’ve probably noticed, the presale is ending in less than a month.
The token and fully operational Layer 2 will launch a few days after the presale has concluded.
We are happy to share… pic.twitter.com/huhsEGj71U— Pepe Unchained (@pepe_unchained) November 18, 2024
Pepe Unchained is merely weeks away from launching its L2 network for Ethereum, with its sale ending in just under 16 days.
Its L2 will offer super-fast transactions and low fees, including instant bridging between Ethereum and itself.
It will focus on becoming a major hub for meme tokens, with the project also rolling out a launchpad for tokens in conjunction with its mainnet launch.
On top of this, its scalability enables it to offer double the staking rewards it would have offered as a layer-one token, something which could increase demand for the coin.
It has a max supply of 8 billion PEPU, while most bullishly of all, its official X account now reaches over 61,000 followers.
This is massive for such a new coin, and signals that it could perform very well when it lists.
Read More: Pepe Unchained Price Prediction
Investors can join PEPU’s sale at the coin’s official website, where it’s now selling at a final presale price of $0.01295.
Buy PEPU Now
The post Is A Repeat of the 2020 “Thanksgiving Massacre’ Imminent for Bitcoin? BTC Drops to $91k, What’s Next? appeared first on Cryptonews.
