Get Ready for a Thanksgiving Day after Spike in Bitcoin Price
Will Bitcoin continue its ascent? According to past data, likely.
Yesterday, Bitcoin jumped almost 12% as the price climbed from the low of $6,850 to just above $7,670.
Currently, BTC/USD has been trading at $7,472 with 24 hours gains of over 5%, as per Coincodex while managing the daily trading volume of almost $515 million.
This surge in price is the result of a ‘reverse head and shoulders’ pattern playing out as technical indicators flash bullish signals.
Mati Greenspan, founder of investment firm Quantum Economics in his Thursday newsletter shared that this breakout occurred on high volume which is “comforting” and now we are seeing the continuation of yesterday's gains “with a retest of the neckline in a picture perfect bullish flag pattern.”
Interestingly, today is a crucial day for Bitcoin prices.
For starters, today is the CME Bitcoin futures expiration that as we reported has been the world's leading cryptocurrency experiencing selling pressure before the expiration but positive returns after.
Moreover, today is Thanksgiving.
Historically, Bitcoin has shown significant movements around the holidays especially Thanksgiving and then Christmas, and New Year.
Now, looking at the past data, the next day after Thanksgiving, bitcoin has always been positive except for one time which was in 2011 when it went down 5.80%. With Bitcoin currently around $7,400, it needs to be seen if BTC will move back above $8,300 for BTC to finally break above $10,000 before 2019 ends.
— ₿itDealer (@Bitdealer_) November 28, 2019
Here’s What you can tell your family about Bitcoin on Thanksgiving
Thanksgiving is a national holiday in the US which is celebrated every year on the fourth Thursday of November.
This is a convenient time for families to get together and discuss Bitcoin, prompting people to stack some sats.
An upswing in the trading volume on LocalBitcoins can already be seen in Tanzania, Argentina, and Chile this month, as per Coin Dance.
So, what can you tell your family about BTC?
After the crypto winter, in 2019 Bitcoin is finally bouncing back. Still up $90% YTD, the ongoing correction is a great buy opportunity as we are less than six months away from the reward halving that would lead to a new all-time high.
Or better yet, as a Beirut trader told CoinDesk, this is the time to educate your family about BTC, “not saying that bitcoin will make you rich…but why it works and how it can work for us.”
Given that German small savers have been hit by negative interest rates and the Association of Banks in Lebanon has set a weekly cap of $1,000 on withdrawals from U.S. dollar accounts in commercial banks, Bitcoin, a deflationary, store of value that is censorship-resistant is the perfect opportunity.
So, what’s your plan for Bitcoin on Thanksgiving?