Will Bitcoin (BTC) Crash on Thanksgiving? Analyst Weighs in on Buying the Potential Dip

TL;DR

• Bitcoin’s Recent Downturn: Bitcoin has dropped from $38,000 to around $37,300, with predictions of further decline during the Thanksgiving period based on historical trends.
• Past Thanksgiving Price Trends: Historically, Bitcoin has seen price drops around Thanksgiving, with notable declines in the past three years.
• Future Price Outlook: Analyst KALEO suggests buying during the dip and predicts a rise to $40,000 by year’s end, while CryptoCon forecasts a new all-time high by May 2024.

Take Advantage of a Potential BTC Dip?

Bitcoin’s price has recently slightly retraced from its yearly high of $38,000, currently trading at around $37,300 (per CoinGecko’s data). The popular cryptocurrency analyst using the X (Twitter) handle KALEO thinks the downtrend could continue in the following days, especially during the upcoming Thanksgiving weekend.

They reminded that BTC has historically experienced price declines at that time in previous years. The asset retraced by 17% in 2020 around that holiday, 10% in 2021, and 5% last year.

However, KALEO believes investors should not be concerned about such a potential drop but rather take advantage and “buy the dip:”

“None of those are too crazy, but as you can see below, there were some decent sell-offs across alts with them. Might not be a bad idea to have some dry powder ready to snag any dips if the trend holds up.”

Some of the Recent BTC Bets

KALEO recently predicted that Bitcoin’s valuation could soar to $40,000 before the year’s end. However, they warned about a possible correction toward $34,000 before reaching the peak.

The X user CryptoCon was even more bullish, suggesting BTC might spike to an all-time high by early May 2024 (shortly after the next halving).

Those willing to explore five additional price predictions coming from prominent figures could take a look at our dedicated video below: