Analysts on Monday drew parallels between Bitcoin’s (CRYPTO: BTC) recent performance and its infamous “Thanksgiving Day Massacre” in 2020, when prices dropped sharply before rebounding to new highs.
What Happened: Coinbureau co-founder Nic Puckrin on X highlighted that Bitcoin has fallen from just below $100,000 to $91,500 this week, a less severe 8% decline compared to the 17% drop in 2020 from Nov 25 to Nov 27.
In 2020, Bitcoin’s sharp decline set the stage for a sustained rally.
For 2024, factors like institutional interest from entities like BlackRock and ETFs, alongside macroeconomic variables such as inflation and interest rates, play a larger role in shaping …
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